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Best Retirement Investment May Be Buying a Vacation Home, Experts Say.
Byline: John Handley
Sep. 21--CHICAGO--This is a good time for retirees to buy a vacation home -- if you can afford it.
That is the advice of Sung Won Sohn, chief economist for Wells Fargo & Co., the banking giant in Minneapolis.
"A second home is a good investment. Prices will be going up. We are now in the vanguard of retirees from the Baby Boom generation," said Sohn.
"Many retirees are more likely to put money into a vacation home than into the stock market. Many older people don't have time to make up their losses in the stock market, so they're putting their savings into a second home."
How much of their income should retirees pay for a second home?
"The old rule of thumb used to be that only 30 percent of your income…
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- Best Retirement Investment May Be Buying a Vacation Home, Experts Say.
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Source: HighBeam Research, Best Retirement Investment May Be Buying a Vacation Home, Experts Say.
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