Expenditure patterns of older Americans, 2001-2009.

EBRI issue brief Pub Date : 2012-02-01
Sudipto Banerjee
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Abstract

PRE- AND POSTRETIREMENT EXPENSES: Before retirement, people pay FICA taxes, incur work-related expenses, and set aside money for retirement. But after retirement, most people have different financial obligations, and, as a result, retirees may still be able to maintain their level of preretirement well-being with very different income levels. Studying income, expenditures, and wealth-holding patterns together provides a more complete idea of how people are doing in terms of being able to afford retirement than arbitrary estimates such as income replacement ratios. UNIQUE DATA: This Issue Brief examines the expenditure patterns of the older section of the population. It uses data from the Consumption and Activities Mail Survey (CAMS), a supplement to the Health and Retirement Study (HRS), conducted by the Institute for Social Research at the University of Michigan, contains detailed expenditure data on 32 categories, and follows the same group of individuals over eight years In addition, the income and wealth data available in the HRS are used to establish the financial standing of older households. DECLINING EXPENSES: Household expenses steadily decline with age. With the age 65 expenditure as a benchmark, household expenditure falls by 19 percent by age 75, 34 percent by age 85, and 52 percent by age 95. HOME EXPENSES: Home and home-related expenses remain the single largest spending category for older Americans. On average, those over age 50 spend around 40-45 percent of their budget on home and home-related items. RISING HEALTH CARE EXPENSES: Health-related expenses are the second-largest component in the budget of older Americans. It is the only component which steadily increases with age. Health care expenses capture around 10 percent of the budget for those between 50-64, but increase to about 20 percent for those age 85 and over. DEMOGRAPHIC GROUPS: Singles, blacks, and high school dropouts do not have a sound financial standing in retirement. Their expenditures exceed their income and they hold very little financial wealth. The bottom income quartile, which includes mostly these demographic groups, has the weakest financial standing in retirement. LONG-TERM CARE and PRIVATE HEALTH INSURANCE: Long-term care and some form of private health insurance coverage have a significant effect on increased spending by older households.

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2001-2009年美国老年人的消费模式。
退休前和退休后费用:退休前,人们要缴纳联邦所得税,承担与工作有关的费用,并为退休预留资金。但在退休后,大多数人有不同的财务义务,因此,退休人员可能仍然能够保持他们退休前的幸福水平,收入水平非常不同。将收入、支出和财富持有模式结合起来研究,可以比武断的估计(如收入替代率)更全面地了解人们在退休后的生活状况。独特的数据:本期简报探讨了老年人口的支出模式。它使用了消费和活动邮件调查(CAMS)的数据,这是密歇根大学社会研究所进行的健康和退休研究(HRS)的补充,其中包含32个类别的详细支出数据,并对同一组个人进行了8年的跟踪调查。此外,HRS中的收入和财富数据用于确定老年家庭的财务状况。开支下降:家庭开支随着年龄的增长而稳步下降。以65岁为基准,家庭支出在75岁时减少19%,85岁时减少34%,95岁时减少52%。家庭开支:家庭和与家庭有关的开支仍然是美国老年人最大的支出类别。平均而言,50岁以上的人将40% - 45%的预算花在了家庭和与家庭相关的物品上。不断上升的医疗费用:与健康有关的费用是美国老年人预算中的第二大组成部分。它是唯一随着年龄增长而稳步增长的成分。50-64岁人群的医疗费用约占预算的10%,但85岁及以上人群的医疗费用约占预算的20%。人口群体:单身、黑人和高中辍学生在退休后没有良好的财务状况。他们的支出超过收入,而且他们拥有的金融财富很少。收入最低的四分之一人群,主要包括这些人口群体,在退休后的财务状况最弱。长期护理和私人健康保险:长期护理和某种形式的私人健康保险对老年家庭支出的增加有重大影响。
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