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Rolls-Royce cuts dividend 39% as profit falls
German GDP grows 0.3% as exports decline
Japan officials' comments fail to weaken yen
Japan will 'act appropriately' over yen: fin. min .
Clinton, Sanders clash over costs at debate
Drug lord ‘El Chapo’ may be tried in New York
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CEO Jamie Dimon’s $26 million bet on J.P. Morgan
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/quotes/zigman/16008150/realtime/sampled 112.56 +0.13 0.12%
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You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.96% 11.62%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.35% 14.12%
Airline 15.17% 15.17% 15.10%
Cash Back 15.20% 15.26% 15.27%
Reward 15.25% 15.28% 15.14%
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Bad Credit 22.56% 22.88% 22.73%
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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.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert

New York Markets Open in:

Futures: /quotes/zigman/43106711/delayed S&P 500 +0.7% /quotes/zigman/48241424/delayed DOW +0.5% /quotes/zigman/43108768/delayed NASDAQ +0.6%

need to know
Rolls-Royce cuts dividend 39% as profit falls
German GDP grows 0.3% as exports decline
Japan officials' comments fail to weaken yen
Japan will 'act appropriately' over yen: fin. min .
Clinton, Sanders clash over costs at debate
Drug lord ‘El Chapo’ may be tried in New York
CEO Jamie Dimon's $26M bet on J.P. Morgan
Uber to pay riders millions to settle safety suits

U.S., Russia agree to Syrian cease-fire

5 things to know about the Costco and AmEx breakup

Japan stocks tumble to lowest point in a year
Japan warns investors about surging yen
North Korea reportedly executed top general

Sweden’s negative  rate isn’t as scary as it appears

Boeing has long history of probes on accounting
Boeing's stock plunge of historic proportions

Which of Europe’s Piigs might fly?
Which of Europe’s PIIGs might be set to fly?

CEO Jamie Dimon’s $26 million bet on J.P. Morgan
Jamie Dimon joins the ex-billionaires club

Have central banks lost market credibility?
Yellen in Senate: Stock swoon not Fed's  fault

Pandora’s spending plans dismay investors

Most popular new iOS emoji? Eye roll, please ...

One big Twitter question: Is the worst really over?
Buy Twitter? Only if you believe in management
Twitter message: Its critics were right

Chuck Jaffe: It’s time for these trendy mutual funds and ETFs to put up or shut up
Time for trendy ETFs, funds to put up or shut up

Jeb Bush says Trump would be worse than Obama
Obama’s U.S. is a land of economic discontent

 
Trust the BLS more than the Dow: top economist

The 10 toughest investment decisions

Will falling oil prices bankrupt Saudis, Russians?
Cheap oil may make OPEC dominant again
As oil revenue drops, Gulf states ponder taxes
Will oil get so cheap, it won’t pay to extract it?

/conga/frontpage.html 367781

Markets »

172.07MDow Volume:
Avg Vol: 132.13M
Unchanged
147
Decliners
4753
Advancers
1612
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 15,660 -255 1.60%
Nasdaq
/quotes/zigman/12633936/realtime 4,267 -17 0.39%
S&P 500
/quotes/zigman/3870025/realtime 1,829 -23 1.23%
GlobalDow
/quotes/zigman/629063/realtime 2,045 -3 0.14%
Gold
/quotes/zigman/33772884/delayed 1,239 -9 0.71%
Oil
/quotes/zigman/2260836/delayed 27.17 +0.96 3.66%
FTSE 100
/quotes/zigman/3173262/delayed 5,605 +68 1.23%
DAX
/quotes/zigman/2380246/delayed 8,823 +70 0.80%
CAC 40
/quotes/zigman/3173214/delayed 3,931 +34 0.87%
FTSE MIB
/quotes/zigman/1482176/delayed 15,981 +208 1.32%
IBEX 35
/quotes/zigman/2759620/delayed 7,800 +54 0.70%
Stoxx 600
/quotes/zigman/2380150/delayed 308 +4 1.43%
Asia Dow
/quotes/zigman/6959860/realtime 2,391 -45 1.85%
Nikkei 225
/quotes/zigman/5986735/delayed 14,953 -761 4.84%
Hang Seng
/quotes/zigman/2622475/delayed 18,320 -226 1.22%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 22,952 +0 0.00%
Singapore
/quotes/zigman/1709939/delayed 2,540 +1 0.06%
Euro
/quotes/zigman/16008136/realtime/sampled 1.13 0.00 0.40%
Yen
/quotes/zigman/16008150/realtime/sampled 112.56 +0.13 0.12%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 +0.00 0.22%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 0.00 0.18%
DXY Index
/quotes/zigman/1652083/delayed 95.83 +0.23 0.24%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.89 +0.12 0.14%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.69 +0.03 1.70%
German 10y
/quotes/zigman/15866409/realtime 0.22 +0.03 14.13%
Italy 10yr
/quotes/zigman/15866497/realtime 1.71 -0.01 0.64%
Spain 10yr
/quotes/zigman/15866444/realtime 1.79 +0.02 0.94%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.37 +0.06 4.83%
Japan 10yr
/quotes/zigman/15866525/realtime 0.08 +0.06 442.45%
Crude Oil
/quotes/zigman/2260836/delayed 27 +1 3.66%
Gold
/quotes/zigman/33772884/delayed 1,239 -9 0.71%
Corn
/quotes/zigman/25518691/delayed 360 0 0.00%
DJIA F
/quotes/zigman/48241424/delayed 15,692 +80 0.51%
S&P F
/quotes/zigman/43106711/delayed 1,837 +12 0.67%
Silver
/quotes/zigman/32655632/delayed 16 0 0.75%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 101.91 0.91 0.90%
AAPL /quotes/zigman/68270/composite 93.70 -0.57 -0.60%
GOOG /quotes/zigman/59527964/composite 683.11 -1.01 -0.15%
BAC /quotes/zigman/190927/composite 11.16 -0.82 -6.84%
C /quotes/zigman/5065548/composite 34.98 -2.43 -6.50%
F /quotes/zigman/264304/composite 11.17 -0.17 -1.50%
T /quotes/zigman/398198/composite 36.21 -0.22 -0.60%
BP /quotes/zigman/247026/composite 27.64 -0.40 -1.43%
GE /quotes/zigman/227468/composite 27.45 -0.85 -3.00%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
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Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.6%
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% 11.96% 11.62%
Business 13.12% 13.12% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.35% 14.12%
Airline 15.17% 15.17% 15.10%
Cash Back 15.20% 15.26% 15.27%
Reward 15.25% 15.28% 15.14%
Instant Approval 18.02% 18.21% 18.00%
Bad Credit 22.56% 22.88% 22.73%
Source:CreditCards.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/41663/composite GLD+4.02%
  • /quotes/zigman/21587200/composite FEYE-0.48%
  • /quotes/zigman/59392505/composite NUGT+21.34%
  • /quotes/zigman/3059264/composite DUST-21.67%
  • /quotes/zigman/5419837/composite P+8.21%
X
Powered by StockTwits
Link to MarketWatch's Slice.

As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

MarketWatch will continue to provide the same important news and information you rely on every day. And, as a MarketWatch user, you will be able to enjoy:

  • Personalized news and quote email alerts
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  • Games, such as Virtual Stock Exchange and Beat the Darts
  • Free WSJ.com registration