Monterey, CA Seniors Are More Commonly Having To Retire Without Paying Off Their Mortgage

Despite the rebound in the stock market, wages have been stagnant for many workers which is causing those hiring to have to raise wages and hire employees from the competition.  Many older workers are having to support kids who lost jobs during the recession and are afraid to seek new employment for fear they may not last in a new environment.  Recent statistics show that in 2011, three times the number of older home owners who were retiring still had a mortgage compared with 2001.  About 6.1 million homeowners aged 65 and older were paying a mortgage in 2011, up from 3.8 million a decade before.  Although there is no easy solution to the problem, industry experts are saying that interest rates are so low it's probably not a huge problem as long as you budget properly for retirement.