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Retirees More Than Doubled Their Debt in 2020 Many Americans are living beyond their means because of the lack of income sources. According to the Bureau of Labor Statistics, retirees’ average post-tax income from all sources is about $39,591 annually, which doesn’t even cover typical spending ($47,259). The $7,700 difference between income and expenditures means many are falling behind despite living relatively modestly, as most retirees live below the standard of living, they experienced prior to retirement. The average worker, for instance, spends more than $63,000 annually. Instead, retirees are spending less than they did before retirement while still spending more than they earn. In fact, nearly 60% of retirees said they struggle to pay for necessities and bills. More specifically, those who said they can’t always cover expenses have trouble paying for: Medical bills (47%), Groceries (43%), Credit cards (37%), Mortgage / rent (32%), Insurance (29%), Debt repayment plans (22%), Car payments (19%), Student loans (11%). To cover those bills, retirees are going into debt. The average retiree said they have about $19,200 in non-mortgage debt. Retirees increased their debt by 104% in 2020 alone, compared to an increase of only 13% for non-retirees. Although they’re holding on to less debt than non-retirees, who have an average of about $44,000, retired Americans have been hit harder financially the past year: The average retiree took on an additional $9,779 in debt 2020, increasing their debt by 104%. Non-retirees, on the other hand, accumulated an additional $5,035, only increasing their debt by 13%. Some of that increased debt is due to more people carrying credit card debt. In fact, the percentage of retirees carrying credit card debt has increased over the last decade, including a 48% increase between 2019 and 2020. Source: Clever Real Estate 2020 Retirement Survey, November 24, 2020
Sweetheart Special - Valentine's Train, Wine & Sweets Pairing! Depart the Heart of Dixie Railroad Museum Depot for a rail excursion to Ozan Winery & Distillery!! You'll arrive at the vineyard and get a taste of Yella Whiskey, then a short walk up the hill to the tasting room to start your adventure. Guests will receive a souvenir wine glass and a pre-selected sampling of wines paired with their individual plate of "sweet treats"! Taste favorites like Chardonnay, Peach and Pinot Noir, among others! All wines and spirits will be available for purchase by the bottle for you to take home! Visit www.ozanwine.com for details.
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BOOM! Available Here and 200 other locations! Renfroe's Market_Adams Drugs_Sommer's Place_Fresh Market_Whole Foods Tomatino's_MCA Fitness_Vintage Cafe_Derk's_UPS Stores_Steak Out_Steaks & Wine The Vintage Olive_Capital City-Ace Hardware_Orange Therapy_Down the Street Chappy's Deli_Health Wise Foods_Eastbrook Flea Market_John Lee Paints Home Care Assistance_Doug's 2_Baumhower’s Restaurant_Jan's Beach House San Marcos_Chris' Hot Dogs_Lek's_SaZas_Mexico Tipico_La Zona Rosa
Read the digital version from your phone, tablet, ipad or computer, www.RiverRegionBoom.com 40 BOOM!
February 2021
RiverRegionBoom.com
The River Region’s 50+ Lifestage Magazine
