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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 work from go banking rate Using statistics from 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 of retirees. US Census Bureau That’s $75,254, which is higher than the Census Bureau’s median income of $47,620.
Related: ‘These people haven’t done anything wrong’ but their standard of living could plummet after retirement – here’s why
2023 survey by Welfare Research Institute (EBRI), data shows that even though workers are more likely to say they will retire at age 70 or older, the median age of retirees is 62 and the average is 65.
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.