It is the biggest financial worry for anyone saving for retirement: will I outlive my savings and die broke?
Based on surveys repeatedly pointing to dismally low levels of retirement savings, most American households have reason to be concerned.
The latest report on how many Americans die broke comes from an analysis by the Employee Benefits Research Institute based on data from the University of Michigan’s Health and Retirement Study.
Of those 85 or older who died between 2010 and 2012, roughly one in five had no assets other than a house, according to the analysis. The average home equity was about $140,000. Roughly one in eight of those households had no assets at all.
Those who died single at 85 or older fared worse, roughly a quarter had only some equity in a house — about $83,000 on average. One in six had nothing, and one in 10 died with an average debt of about $6,000.
For those who died at a younger age, the numbers were even worse. Some 30 percent of households losing a family member between ages 50 and 64 had no assets left. Those households also had lower incomes than older retirees.
Courtesy: NBC News
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