July 10, 2009
Listen here. Aired on Marketplace Money.
I was talking on the phone to a lady in Maryland when she mentioned that some residents of her retirement community were strapped for cash. I then found out that in extreme cases people were having to move out of their retirement homes because they'd lost so much money in the market crash, they could no longer afford the fees. And retirement communities are feeling the pinch too: I learned what a big role the housing market has to play in their fortunes. If people can't sell their homes, they can't move into retirement housing. I went up to Connecticut to see how one large community was faring.