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A retiree’s age can be correlated with how much they spend, with nearly half of retirees saying they retired earlier than expected.
New article on Go Banking Rates using statistics from the Bureau of Labor Statistics (BLS) shows the difference in spending between younger and older retirees and reveals the average income of those who have reached retirement age.
According to BLS data, younger retirees between the ages of 65 and 74 spent an average of $4,870 a month, or $3,813 a month, about $1,000 less than retirees 75 and older.
The average overall retiree spending was $4,345 per month, or $52,141 per year. This figure is lower than the average annual income for retirees estimated by the U.S. Census Bureau of $75,254, but higher than the median income of $47,620 surveyed by the Census Bureau.
Related: ‘These people haven’t done anything wrong’ but their standard of living could plummet after retirement – here’s why
According to a 2023 survey from the Employee Benefit Research Institute (EBRI), the median age of retirees is 62 years old, and the average Data shows that he is 62 years old. 65 years old.
Almost half (46%) of retirees said they left their workplace earlier than planned due to health issues, disability, or a change in the company.
Of those who retired earlier than planned, only 35% said they did so because they could afford it.
Related: $1 million in retirement savings won’t last 25 years anywhere in the U.S., but it will last the longest in these six states.
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