Downsizing is a common feature of retirement planning. But two trends could throw a wrench into that: First, more older Americans are carrying debt, typically mortgages, into retirement. Exacerbating this are housing trends that could pose a problem for baby boomers looking to sell large, suburban homes to pay off their mortgage and shore up retirement savings.
In this environment of general deleveragingï؟½nations are deleveraging, individuals are deleveragingï؟½weï؟½re actually seeing the high-net-worth space taking on leverage. Our lending business is up 66%, year on year.ï؟½ We were at the New York restaurant Vitae when Mark Jordahl, president of the Minneapolis-based U.S. Bank Wealth Management, dropped the line that made my salad fork halt midway to my mouth. Not a lot can stop me from eating, I confess, but Jordahl oversees $37 billion in rich-folk assets at parent U.S. Bancorp (USB), which ranks his unit the 19th largest high-net-worth manager in the U.S. (ï؟½Best of Breed,ï؟½ Sept. 17, 2012.) So I listened extra hard when the Midwestern banking executive talked aboutï؟½