You need a pension and/or assets that provide income to retire. The challenge for the latter has been so much volatility in stocks and bonds of recent, it has forced many into RE, or to hold onto rentals for the yield. That trend might reverse if the economy improves and baby boomers feel better about financial products, especially bonds. Income and capital preservation becomes more important in your later years. When asset prices get artificially inflated, it doesn’t necessarily inspire confidence. If you don’t have ties to a particular place, downsizing and moving is an option to release capital, but the problem of where to invest for income doesn’t disappear. I would imagine many boomers are also cash hording at the moment.
