Unlike previous generations who could look to equity in their homes as a source of economic stability, the worsening economy has thwarted many baby boomers plans of an easy retirement.

In the past retirees could look to their homes as a source of equity with which to retire and somewhat live off of, along with the help of Social Security monthly income.

It has often been debated how long Social Security will last as the baby boomers near retirement. The larger problem however will be how baby boomers will survive as home values decline.

U.S. populace data reveal there are 77 million Americans born between 1946-1964. It is believed that up to one-third have no retirement savings whatsoever. Among them the oldest are 61 years of age. Among this third without retirement savings, the only money they have is equity in their home.

If they don't continue working to sustain themselves financially, as many are opting to do, many will be forced to sell their homes. This combined with a home builder surplus and a bleak economy with an unprecedented amount of foreclosures, will further flood the market with homes up for sale.

One good thing about this economic upheaval is it will bring families closer together. When my parents began to age, my sister and her husband moved in to live and care for them. This not only helped my aging parents physically in their old age, but also helped bear the economic burdens associated with home ownership.

As baby boomers age and retire, families will either need to pull together (often under the same roof), or boomers will be forced to sell to sustain themselves financially. My son cared for his maternal grandparents in their old age, which enabled him to keep their home versus sell it to pay for them to live in a nursing home.

Ironically whereas financial stress is a big destroyer of marriages, alternatively as it pertains to the extended family and baby boomers approaching retirement, declining equity and the trouble it causes may lead to boomers not being abandoned in their old age.

While losing equity in one's home is not exciting, the possibility of boomers having to sell their home may be a sufficient incentive for families to care for their elderly. This simultaneously would both save the home and the family.

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