More Seniors Are Saying 'Charge It'

Like the Carmans, more seniors are heading into retirement still paying down mortgages or taking out home-equity loans. Roughly 30 percent of seniors now owe on their homes, compared with 20 percent in 1980, according to the Demos organization, a New York-based public policy group.
 
"Today's seniors have a lot of economic pressures o­n them as they head into retirement, including paying their mortgage," said Tamara Draut, director of Demos' economic opportunity program. "People who are in retirement are living in the red, and as the baby boomers start to retire, it seems like they're not o­n track in terms of retirement savings."