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Avg. APR Last Week 6 Months
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Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
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Encore
A blog about living in and planning for retirement

Spending Plummets With Age (Except on Health Care)

When calculating the amount of money to set aside for retirement, financial advisers frequently recommend using the so-called 80% rule, which assumes you will need 80% of what you spent before retirement.

Now, a new study by the Employee Benefit Research Institute (EBRI) suggests that for most people, post-retirement spending actually tends to decline by even more.

“Household expenditure steadily declines with age,” says the study, which is based on data from the Health and Retirement Study.

Between ages 65 and 75, household spending declines by 19%,or just about the expected amount. But by age 85, median spending falls by 34%. And by age 95, people spend only half as much as they did at age 65. (In reaching this conclusion, the HRS followed the same people over an eight year period.)

The pattern of declining expenditures applies to outlays for the home, food, transportation, clothing, and entertainment, according to the study. One notable exception: Health-related expenses, which consume 9% of the average 50-to-64-year-old’s budget, versus 18% of that of an 85-year-old.

“This is not surprising, even if everyone in these age groups is covered by Medicare, since Medicare coverage is not comprehensive,” notes the report. Meanwhile, “declining health limits different activities and consumption of different goods, which strongly affects the decline in total expenditure.”

One caveat: Just because most people experience a steady decline in spending doesn’t mean that you will. Among a sample of 1094 people within the HRS study, 66.5% anticipated a drop in spending in retirement, versus 65.9% who actually experienced a decline. While only 8.9% expected to spend more in retirement, 15.8% actually saw their spending rise.

The bottom line? “This study’s results show that the median household in this group of retirees is doing well in retirement,” the report says. “But there are some demographic groups that are facing a difficult retirement,” it says, adding that “singles, blacks, and high school dropouts are outspending their resources.”

Moreover, the report notes that the outlook for the future may not be as bright. “The older population faces high uncertainty regarding health expenses. For example, long nursing-home stays or prolonged use of long-term-care services could deplete the accumulated wealth rapidly,” the study says.

Comments

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Comments (5 of 5)

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    • This doesn’t seem to take into account that the very elderly may very likely need assistance with their daily needs, e.g. assisted living or nursing home care which will cause a very steep and sudden increase in expenditure!

    • what Judy explained I didnt even know that a mom can make $6581 in four weeks on the internet. did you see this web link D(Click on menu Home more information) http://goo.gl/mDFhj

    • Did you miss the boat on a free obama phone with airtime, free food,food stamps card, free medical, free housing, no income taxes and a refundable tax credit or credits (no photo ID required)?
      A nation divided will not stand for long.

    • In trying to get a handle on finances for retirement I found the book “Can I Retire Now??” most helpful. Financial planning for the future is always difficult and every effort should be made to be well informed.

About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.

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Bulletin
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London Markets Open in:

need to know
Moody’s cuts rating on W. Australia iron ore
N. Korea faces new sanctions after rocket test
Venezuela can't get Saudis to cut oil production
New flood of refugees at Turkish border
Credit Suisse CEO asks for bonus to be slashed
Taiwan rescuers find signs of life amid rubble
GoPro rallies on Microsoft licensing deal
When is China stock market closed for holiday?
Disney, Coca-Cola headline earnings week

China’s forex reserves poised for another record drop
China's foreign-currency reserves drop $99 bln
Will China soon burn through its reserves?

Asian markets dip on Fed uncertainty

In U.S., socialism is no longer a dirty word

Lehman Brothers lives on,
as a spirit


7 cruises for people who hate cruises
7 cruises for people who hate cruises



3 mistakes to avoid in your first 3 years of retirement
3 mistakes to avoid in your first 3 years of retirement

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Know 4 important retirement account changes

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Chicken-little investors, please read jobs report

Barron's: Here comes $20 oil
Here comes oil for just $20 a barrel


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The best biotech plays once sector stabilizes

Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus

/conga/frontpage.html 367285

Markets »

139.01MDow Volume:
Avg Vol: 128.61M
Unchanged
165
Decliners
4918
Advancers
1419
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,205 -212 1.29%
Nasdaq
/quotes/zigman/12633936/realtime 4,363 -146 3.25%
S&P 500
/quotes/zigman/3870025/realtime 1,880 -35 1.85%
GlobalDow
/quotes/zigman/629063/realtime 2,139 0 0.01%
Gold
/quotes/zigman/33772884/delayed 1,165 +8 0.65%
Oil
/quotes/zigman/2260836/delayed 31.09 +0.20 0.65%
FTSE 100
/quotes/zigman/3173262/delayed 5,848 -51 0.86%
DAX
/quotes/zigman/2380246/delayed 9,286 -107 1.14%
CAC 40
/quotes/zigman/3173214/delayed 4,201 -28 0.66%
FTSE MIB
/quotes/zigman/1482176/delayed 17,250 -376 2.13%
IBEX 35
/quotes/zigman/2759620/delayed 8,500 +31 0.37%
Stoxx 600
/quotes/zigman/2380150/delayed 326 -3 0.87%
Asia Dow
/quotes/zigman/6959860/realtime 2,509 -2 0.07%
Nikkei 225
/quotes/zigman/5986735/delayed 17,004 +185 1.10%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,628 +11 0.04%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.11 0.00 0.16%
Yen
/quotes/zigman/16008150/realtime/sampled 117.39 +0.52 0.45%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 +0.00 0.16%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 +0.00 0.57%
DXY Index
/quotes/zigman/1652083/delayed 97.06 +0.01 0.01%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.85 +0.04 0.04%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.86 +0.02 1.21%
German 10y
/quotes/zigman/15866409/realtime 0.30 0.00 1.13%
Italy 10yr
/quotes/zigman/15866497/realtime 1.55 -0.01 0.74%
Spain 10yr
/quotes/zigman/15866444/realtime 1.65 +0.03 1.72%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.56 0.00 0.00%
Japan 10yr
/quotes/zigman/15866525/realtime 0.04 +0.01 45.26%
Crude Oil
/quotes/zigman/2260836/delayed 31 +0 0.65%
Gold
/quotes/zigman/33772884/delayed 1,165 +8 0.65%
Corn
/quotes/zigman/25518691/delayed 366 0 0.00%
DJIA F
/quotes/zigman/48241424/delayed 16,176 +45 0.28%
S&P F
/quotes/zigman/43106711/delayed 1,881 +6 0.32%
Silver
/quotes/zigman/32655632/delayed 15 +0 1.03%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 104.07 -6.42 -5.81%
AAPL /quotes/zigman/68270/composite 94.02 -2.58 -2.67%
GOOG /quotes/zigman/59527964/composite 683.57 -24.44 -3.45%
BAC /quotes/zigman/190927/composite 12.95 -0.30 -2.26%
C /quotes/zigman/5065548/composite 39.86 -0.93 -2.28%
F /quotes/zigman/264304/composite 11.45 -0.08 -0.69%
T /quotes/zigman/398198/composite 36.88 0.35 0.96%
BP /quotes/zigman/247026/composite 30.46 -0.15 -0.49%
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Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

Top 3 from Barron's

Today's list of the most-viewed stories from Barron's. More »

  1. 1.
  2. 2.
  3. 3.

Visit Barrons.com

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