From the press release:
Former GAO Comptroller General David Walker testified today before the House Budget Committee about a proposed commission to cut Social Security and Medicare for future retirees. However, as Congress debates this issue, they must take into account the financial situation of near retirees. A new report from the Center for Economic and Policy Research (CEPR) shows that, due to the collapse of the housing bubble, the vast majority of near retirees have accumulated little or no wealth. This means that they will be almost completely reliant on Social Security and Medicare to support them in their retirement years.
The study, “The Housing Crash and the Retirement Prospects of Late Baby Boomers,” analyzed the wealth holdings of families headed by people between the ages of 45 and 54 in 2004 and projected the wealth of these families in 2009. The findings are presented by income quintile under three scenarios- real house prices remain at current levels, real house prices fall by 10 percent, or real house prices fall by 20 percent. In all three scenarios, the vast majority of these families will have little or no housing wealth in 2009.