As people age, they spend more on health care. And the rising cost of health care is one of their biggest worries approaching and during retirement. But health care is not the single largest spending category for older people. Instead, it's the cost of maintaining a home.
An analysis from the Employee Benefit Research Institute has tracked data through 2011, the most recent year for which data are available, and has found that home and home-related expenses may have decreased in dollar amounts as people age, but they take up the same proportion of older people's budgets: 40-45 percent.
There are two costs that do fall as people age: transportation expenses and entertainment expenses. Transportation, the analysis said, falls the most.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
