THE LOWDOWN: Many of you are financially ready and able to retire, but work still beckons. Plus, it's time to hire a lawn service — and haircuts (for men) have unaccountably become much cheaper.
In Your 70s and Beyond ...
You may have a net worth of $597,000 or more … About half of you with retirement savings have also paid off your mortgage and have some $148,000 socked away in retirement accounts. That's enough to provide you with $649 a month in spending money to supplement your Social Security check. A thrifty 1 in 5 in their early 70s have more than $500,000 squirreled away; those in the top 10 percent have over $1 million.
… likely have a pension … More than half of retirees in their late 70s have one.
… depend on Social Security … People who are 75-plus count on Uncle Sam's retirement plan for 61 percent of their total income, compared with 31 to 57 percent among those in their early 70s.
… and have crossed the "freedom threshold." By 70, 65 percent of you can live wherever you want — no longer constrained by family obligations or the need to be close to a long-held job, one financial report showed. Even if you don't move, there's a 72 percent chance you've gained financial freedom by paying off your mortgage.
You pay bills the way you always have … People in their 70s, more than any other age group, are likely to pay their bills by writing checks; 77 percent write checks, versus 55 percent of people who are in their 40s.
… do your banking at the bank … Just 2 percent of people in their 70s do their banking by clicking on a mobile app, according to a Federal Reserve System report.
… stay on top of your bills … Sixty-eight percent of those in their 70s pay off their credit card balances in full each month.
… and may start spoiling those grandchildren and great-grandchildren soon. After decades of sharp declines, spending on toys, games and tricycles bounces upward for people entering their 80s. Those in their late 70s suddenly spend more on elementary and high school tuition.
But you could be struggling instead ... Fifty-two percent of people in their early 70s have no retirement savings — and half of this group have no pension either — a big reason that 1 in 8 are still working.