When entering the retirement stage of life it’s important to have your finances in order. You’ve spent a lifetime preparing for retirement, it’s important to take the time to ensure that your income, your investments and your estate plan are properly organized to allow you to live comfortably during your retirement years.
Health care is commonly referred to as the greatest expense Americans face in retirement, but according to a Feb. 15 Investment News article by Darla Mercado, health care comes in second. The biggest expense for Americans over 50 is housing costs.
Data from the Employee Benefit Research Institute (EBRI) showed that housing-related costs accounted for nearly half of Americans' total expenses in 2009. Americans age 50 to 64 spent 47 percent of their total expenses - a median of $18,828 - on mortgages or rent, insurance, property taxes and repairs.
American entrepreneurs started businesses at a rate of approximately 565,000 a month in 2010, the last year the data was available. According to the Kauffman Index of Entrepreneurial Activity, the 55 to 64 age group has seen the greatest increase in number of Americans to launch a business since 2007. That trend coincides with a 2007 Merrill Lynch study showing of the nation's 78 million baby boomers, 76 million plan to keep working in retirement, more than half plan to change careers and many are foregoing the traveling retiree lifestyle in favor of building a new business.