Retirees More Than Doubled Their Debt in 2020

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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

Photographer Yousuf Karsh (Canadian, born Armenia, 1908–2002) utilized portraiture to capture the essence of extraordinary men and women. Karsh’s early feelings of helplessness as a child who witnessed the genocide in Armenia, later spurred him to seek out those who obtained power in their chosen paths. He brought a compassionate eye to his rich and detailed photographs of cultural icons, many of whom were instrumental in sparking changes and spurring societal transformations around the world. The MMFA holds 100 photographs by Karsh in our Permanent Collection. On view in this new outdoor Art Walk are 10 of his portraits representing figures who have made an impact on our world through their leadership and ideals, words, and actions. In addition to the images, MMFA staff and volunteers contributed insights and reflections on these remarkable figures who were voices for change in our society. For more info visit www.mmfa.org

Caregiver of the Month Spotlight: Yotundra Smith

Yotundra is one of the hardest working and most reliable caregivers that we have. She is effective, efficient and goes over and beyond to care for clients.

She has accepted many shifts beyond her regular schedule to assist the company where we needed help. Yotundra is extremely compassionate and caring, with a desire and eagerness to make a difference in the lives of the clients that she cares for. We’re so glad to have Yotundra on our team as she plays her position well. Keep up the GREAT work, Yotundra!

Thank you for being a valuable member of our team, Yotundra… Keep up the great work!

For more information visit www.homecareassistancemontgomery.com