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/quotes/zigman/16008150/realtime/sampled 121.48 +0.45 0.37%
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/quotes/zigman/16008140/realtime/sampled 1.54 0.00 0.19%
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Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
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Bad Credit 22.73% 22.73% 22.48%
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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.

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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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New York Markets Close in:

need to know
Ashley Madison CEO steps down
Apple loses key Beats1 radio executive
Amgen gets FDA OK for cholesterol treatment
Student dies after shooting at Savannah State
Icahn discloses stake in Freeport McMoRan
Migrant death toll in truck near Vienna now 70

Co-founder Brin sold this week as Google’s stock fell

Never use a market order when stocks are selling off
Schwab site hit by outages in busy trade stretch

Most imposing stock ‘wall of worry’ in 5 years

John Bogle sees promise in market pullbacks
A strategy to make money in this crazy market
Record $29.5 billion yanked from stock funds

In this Amazon Prime, not all goods ship for free

Roubini: Better early warning system is needed

Why you should worry and be happy that stocks aren’t a sure bet
Both worry, be happy that stocks aren’t a sure bet

A sign for Moody's rating agency is displayed at the company headquarters in New York, September 18, 2012.  AFP PHOTO/Emmanuel Dunand        (Photo credit should read EMMANUEL DUNAND/AFP/GettyImages)
ADP debt-funded buyback raises Moody’s ire

Apple Watch shipments  surprise IDC

Apple to host Sept. 9 product event
Apple closes in on Fitbit in wearables

Democratic leaders frustrated by Clinton’s handling of email issue
More frustration with Clinton on email issue
Poll shows Biden running stronger than Clinton
Trump: I’m OK with raising taxes on myself

Poland looks next to turn against the EU

China wins the Battle of Mountain Pass
China just undermined the U.S. Defense Department

New Orleans 10 years after Hurricane Katrina
Hurricane Katrina: Then and now
Obama in New Orleans to mark 10 years


These are the best jobs for millennials
These are the best jobs for millennials


Instead of flavored vodka, flavored sake?

Craft beer acquisition by Duvel — stay small, stay beautiful
Duvel’s beer deal: stay small, beautiful


How momentum investing could go out of style
Momentum investing could be going out of style

Tesla Model S scores 103 on 100-point scale
Tesla Model S scores 103 on 100-point scale
Elon Musk retweets slow-driving Tesla owner
Colbert should ask Elon Musk, Kalanick this
$400,000 supercar goes up in flames

How to cope when you’re suddenly uninsured

/conga/frontpage.html 353576

Markets »

49.24MDow Volume:
Avg Vol: 111.57M
Unchanged
182
Decliners
2183
Advancers
4084
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
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Dow
/quotes/zigman/627449/realtime 16,617 -38 0.23%
Nasdaq
/quotes/zigman/12633936/realtime 4,819 +6 0.12%
S&P 500
/quotes/zigman/3870025/realtime 1,985 -2 0.12%
GlobalDow
/quotes/zigman/629063/realtime 2,367 +6 0.27%
Gold
/quotes/zigman/662444/delayed 1,134 +11 0.98%
Oil
/quotes/zigman/2331095/delayed 45.44 +2.88 6.77%
FTSE 100
/quotes/zigman/3173262/delayed 6,248 +56 0.90%
DAX
/quotes/zigman/2380246/delayed 10,299 -17 0.17%
CAC 40
/quotes/zigman/3173214/delayed 4,675 +17 0.36%
FTSE MIB
/quotes/zigman/1482176/delayed 21,994 -208 0.93%
IBEX 35
/quotes/zigman/2759620/delayed 10,353 +63 0.61%
Stoxx 600
/quotes/zigman/2380150/delayed 363 +1 0.28%
Asia Dow
/quotes/zigman/6959860/realtime 2,798 +45 1.64%
Nikkei 225
/quotes/zigman/5986735/delayed 19,136 +562 3.03%
Hang Seng
/quotes/zigman/2622475/delayed 21,612 -226 1.04%
Shanghai
/quotes/zigman/1859015/delayed 3,232 +149 4.82%
Sensex
/quotes/zigman/1652085/delayed 26,392 +161 0.61%
Singapore
/quotes/zigman/1709939/delayed 2,956 +11 0.36%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 -0.01 0.70%
Yen
/quotes/zigman/16008150/realtime/sampled 121.48 +0.45 0.37%
Pound
/quotes/zigman/16008140/realtime/sampled 1.54 0.00 0.19%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 0.00 0.29%
DXY Index
/quotes/zigman/1652083/delayed 96.25 +0.49 0.51%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.58 +0.32 0.36%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 0.00 0.08%
German 10y
/quotes/zigman/15866409/realtime 0.75 +0.00 0.17%
Italy 10yr
/quotes/zigman/15866497/realtime 1.91 -0.02 0.80%
Spain 10yr
/quotes/zigman/15866444/realtime 2.06 +0.01 0.26%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.85 -0.02 0.96%
Japan 10yr
/quotes/zigman/15866525/realtime 0.38 -0.01 2.48%
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/quotes/zigman/2331095/delayed 45 +3 6.77%
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/quotes/zigman/7599553/delayed 374 -1 0.20%
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/quotes/zigman/30356461/delayed 1,983 -6 0.32%
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/quotes/zigman/3134148/delayed 15 +0 0.47%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 90.85 1.12 1.25%
AAPL /quotes/zigman/68270/composite 112.82 -0.10 -0.09%
GOOG /quotes/zigman/30194416/composite 627.20 -10.41 -1.63%
BAC /quotes/zigman/190927/composite 16.35 -0.09 -0.55%
C /quotes/zigman/5065548/composite 53.35 -0.10 -0.18%
F /quotes/zigman/264304/composite 13.75 0.19 1.40%
T /quotes/zigman/398198/composite 33.19 -0.25 -0.74%
BP /quotes/zigman/247026/composite 33.49 0.46 1.39%
GE /quotes/zigman/227468/composite 25.09 0.08 0.32%
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Rates »

5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
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 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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