Insights | 12.20.21
Spending in Retirement Falls With Age, and Not by Choice
The Center for Retirement Research at Boston College found that spending, or consumption, decreases by an average of between 0.7% and 0.8% for every year. After 20 years, spending can decrease by 12% or more compared to the beginning of retirement. But for the top third of households by income, the average decline is 0.3% per year. Spending also decreases at a faster rate later in retirement for the people with the least financial resources, while for those in the middle and top thirds by wealth, the rate of decrease slows down slightly.
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