A retiree’s age may be related to how much they spend – and nearly half of retirees say they retired earlier than expected.
A new piece from Go Banking Rates with statistics from the Bureau of Labor Statistics (BLS) shows a difference between the expenses of younger and older pensioners and reveals the average income of those reaching retirement age.
The BLS data showed that younger retirees between the ages of 65 and 74 had more expenses on average, amounting to $4,870 per month, compared to those 75 or older, who averaged about $1,000 less equal to $3,813 per month.
The average overall expense among retirees was $4,345 per month or $52,141 per year. This number is lower than the median annual income for retirees, which the U.S. Census Bureau set at $75,254, but higher than the median income of $47,620 found by the Census Bureau.
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A 2023 survey from the Employee Benefit Research Institute (EBRI) showed that although workers are more likely to say they expect to retire at age 70 or older, data shows the average age of retirees is 62 years old and the average is 65 years of age.
Nearly half of retirees (46%) said they left the workforce earlier than expected, due to health issues, disabilities or changes within their company.
Only 35% of people who retired early said they did so because they could afford it.
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