tony webb here at boston college and new school and diane oakley.o it is a really important part of retirement security. comments here on home equity? >> you know, home equity is the second largest source of retirement assets behind social security, so it's a very important source. i think that i have not done this calculation, but i am guessing that the reduction, the recent reduction in home ownership hasn't had that big of an effect on retirement readiness if only because people seem to be relatively hesitant to actually tap home equity as a source of income in retirement even though it's a source of asset. >> [inaudible] >> well, you're not spending more money. >> [inaudible] >> i think you're just saving less. sorry, you needn't save less, but the point is if you save more in your house and then you don't ever sell your house until you die, which is, i think, how most people do it, then it's kind of not that helpful. i mean, there's a last stop -- >> [inaudible] >> just a second, just wait. any other questions? >> first, can i weigh in on that?

tony webb here at boston college and new school and diane oakley. is a really important part of retirement security. comments here on home equity? >> i think, you know, home equity is the second largest source of retirement assets behind social security, so it's a very important source. i think that -- i have not done calculation, but i am guessing that the reduction, the recent reduction in homeownership hasn't had that big of an effect on retirement readiness if only because people seem to be relatively hesitant to tap home equity as a source of income in retirement even though it's a source of asset. >> [inaudible] spending more money. >> well, you're not spending more money. i think you're just saving less. sorry, you needn't save less, but the point is if you save more in your house and then you don't ever sell your house until you die, which is, i think, how most people do it, then it's kind of not that helpful. i mean, it's -- there's a last stop, but -- >> [inaudible] >> just a second, just wait. any other, any other questions? >> first, can

tony webb here at boston college and new school and diane oakley. it is a really important part of retirement security. comments here on home-equity? mr. friedman: home-equity is the second largest asset behind social security. is a very important source. donenk that -- i have not the calculations but i'm guessing the reduction in homeownership has not had that big of an effect on retirement readiness. i think people seem to be relatively readiness to have home equity as a source of retirement. >> [indiscernible] you are not: sitting more money. less, but ifsave you save more in your house and you don't ever sell your house until you die which i think is how most people do it, it is kind of not that helpful. -here is a last stop but - ms. ghilarducci: just the second. a second. any other questions? mr. gale: there is a paper from the urban institute that shows there is a correlation between paying off your mortgage and retiring. i think that is what you are getting at. you finished 30 years of payment, your cash flow goes down and therefore the inco