The 2024 Spending in Retirement Survey queried ~3,600 individuals ages 62 to 75 about their spending habits and situation at and during retirement. Quotas were set on age, gender, caregiver status, and disability status to ensure accurate representation of overall retirees and oversample population. The disability-affected and caregivers were oversampled. Data reported are weighted based on gender, race, income, disability, and caregiving using CPS and EBRI estimates.
Of Those Who Experienced Unexpected Expenses, Caregivers Were Ca The Ca Ca regive regivers regivers Vast rs Maj Ha Were Ex orit d More perienced yMore of Bo Medical Likely th M Ca ore Une regivers an to d Se Mortgage xpe t As and cted ide Emergency Never Spe Debt Than nding -Caregivers Ne Nev Fund eds er s, b Did Than - ut No D the t id Current Caregivers Reported an Unmanageable Level of Debt, but the Cu Ca Cu regivers rrent rrent Ca Caregivers regivers Had Taken Re Were M M ported They ore Actions ore Likely Are to P to S Likely repare pen td o Much for A Need ging More Assistance Than Than N T eve Wi hey r th - Caregivers Were More Likely Than Never-Caregivers to Retire Earlier M Ca ost regivers Retirees Reti Did red No Ea t Pro rly to P vide Care rovide Care in a G for roup a Fami Setting; ly Member or Mainly Cared Most Common Forms of Help Were Transportation and Grocery Shopping Of Forty Those -One Percent Caregivers Who of R Provide etireesd Ha Care d Expe Withrience in the Las Being t Year, Ha a Careg lf Did iver So for an Adult Sp Th De Sa Re Long Sue ving sc ti rvey en remen Majorit ripti - ding Te s and Overview rm C ve — t y Statisti Status of C Su De are mmary bt an areg — — cs d Su Pre Su ivers — of mmary mmary pa Su Re rations Were mmary su lt of of sFe Re Re for of male su su Re Ag lt ltsu s s ing lts — Summary of Results Caregivers Were More Likely to Work During Retirement More Likely to Reduce Own Expenditures to Fund Expenses Ca Ha regivers, ve Long-but Term the Vast M Care Insuranc ajority e of Both Had Credit Card Debt Differenc Non-Caregivers e Was Small Difference Was Small Ca Da Cail regivers n Aff y Acord, b tivities a ut the Dif s Theyference Was Small Age Be Than for a G cau E se randc xpe of a He cted hild,alt Mh other o Problem r Mother or Disabil -in-Law ity , or Spouse Preparatory Actions Taken for Aging • Forty-one percent of retirees had experience being a caregiver. Reasons For Retiring Early, by Caregiver Status Types of Debt, by Caregiver Status Cu Hav rren e t Lon Debt g- T Le erv m el, Car bye Ca Insur regiv ance er Status Caregiving, by Gender Likelihood of Needing Daily Assistance with Activities With Aging, by Caregiver Status Experienced Unexpected Spending Needs, by Caregiver Status Timing of Retirement, by Caregiver Status • • • • The A A Four larg larg vast teen er er per per majority per ce ce ce ntage ntage nt of ofSet W cu both of of or rr Asi cu ca k Status Dur ent ca rr re de Eme ent givers re cagivers re ca rg givers re ency re ing givers tired and Retir Sav renever ear por em ings repor ent, lier ted F-und tca by ed than sp rCar s, egivers endin having an by expected egiv Car g er egiv muc did Status er unmana not h vs. Status more have never geab than long -ca le they regiv -term level of co er ca s. uld re Experience being a caregiver for someone with a chronic condition, special need, or How Retirees Funded Unexpected Expenses Spending Levels, by Caregiver Status With What Did You Assist Them? Currently providing care Previously provided care Never provided care Currently providing care Previously provided care Never provided care Currently provide care Previously provided care Never provided care Yes No Currently providing care Previously provided care Never provided care disability Currently providing care Previously provided care Never provided care aff debt insur ord, ance than while 9% .both former of nev car er-egiv careers giv ers and did M nev ale . A er pproxim F -em caregiv ale atel ers, y but halfthe of all difretirees ference , is regar small. dless Currently providing care Previously provided care Never provided care Final Results: Total = 3,661 respondents, 1,649 disability-affected retirees Currently providing care Previously provided care Never provided care Currently providing care Previously provided care Never provided care C Earl urrent ier ly than prov ex iding pectc ed are Abou Prev t w ious hen ly e px rov pec ided ted care Later N tha evn er ex prov pecided ted care Transportation, either by driving them, or helping them get 37% 40% 60% 38.2% 68% 70% 90% 46% Yes, I currently work Yes, I have worked in the past after retirement but not now No, I never worked 80% 60% of caregiving status, saidI they have no spen t taken and y act abou ions t the right amount. 77% Credit Provi card ded care in a group setting? For whom did you care? 36.5% Yes, currently providing care Yes, but no longer providing 64% care No, have never provided 82. c 9% are 56% transportation 54.0% You had another work-related reason 71% 60% • 70%Sixty-one percent of current caregivers and 64% of previous caregivers were female. • About one-third of current caregivers and one-quarter of former caregivers said they 80.4% 34.9% 79.5% debt Provided Care to an Adult Provided Care to a Child • 70% The 2024 Spending in Retirement Survey queried ~3,60 55% 0 individuals ages 62 to 75 about their spending 54% 54% Set aside money that could be used to pay for 60% ongoing living 51. assi 4% stance expenses 63% 20% • Of those caregivers who retired early, they did so to care for family members or 68% 62% 35% 80% 49.8% 67% 70% 48.8% 20% 60% You were offered an early retirement Gro pac cery kage or or oty he ou r r sem hoppi plong yer 75% including nursing home care, a senior community, or care from a home health care aide Grandchild will be very likely and likely to need as 61% sistance with daily activities as they age; one- 41.9% 61% 50% 50% 35% 14% habits and situation at and during retirement. Quotas were set on age, gender, caregiver status, and 60% 56% 62% 45.5% Car loan • Ca bec re aus givers e of we a health re more pr oblem likely to orre dis por ability t medic . Ne al ver and -camortgage regivers wh debt; o rehow tired ever, earlythe did vast so 50% incentivized you to take an early retirement 60% 35% 20% Yes, 21% 43.7% 55% 43.4% 70% 51% Made home modifications necessary to remain at home 30% fifth of never-caregivers anticipated needing assistance. Mother or Mother-In-Law di 60% sability status to ensure accurate representa 41. tion 41. 6% 7% of 34% overall retire 56% es and oversample popu 49% la 28. tion 7%. Never provided care 27.3% 27.4% 18% 5.5% 22.4% 40.9% 72.0% 13% 40.4% Housework, such as doing dishes, laundry, or straightening up 68% 26.9% 50% 26.5% 39.5% • Forty bec majority aus -four e of they per retirees ce cont uld of — aff cu re or rr gar d ent to dles ca or re s their givers of ca co re mpany vs. giver 33% status unde of never rw — ent had -ca stru cr regiver ctural edit ca s ch rd reange por debt. ted s. You had/have to care for a spouse or another family member 2024 9% 32% 36% 59% 50% Mortgage 40% 40% 19% •50%Among those with experience caregiving, half 36. pr 4% ovided that care within the last 12 36.2% 24.2% 60% Talked to unpaid caregivers (family, frien23. ds) 9% 42% Spouse 14.9% 40% 17% 25% 50% debt • •The While 56% ex di perienc sability-ing affected of unexpected nev er an-d caregiv carespen givers ers ding rw epo ereneeds r tove ed rsamp not in hav retirement led. ing taken 11% . any actions to prepare for 40% 41% 44% Preparing meals 38% 66% 38% months to an adult. Looked for information about aging issues and the You types w ofant cared t e avai o lab do le s to peop omething le as tels heye 40% 18% 40% 20% 36% 37% Friend 14.4% 40% 50% Medical 36% 38% 34% aging, 37% of current caregivers and 46% of former caregivers had not taken any 30% age 17% 33% 20% 12% 30% 40% 27% 25.7% By giving medicines, like pills, eye drops, or injections for their No, 93% 25.4% 30% • Data reported are weighted based on gender, race, income, disability, and caregiving using CPS and LONG-TERM CARE AND PREPARATIONS Because of changes debt in the skills required for your job or your skills Yes, 47% 25% 33% Previously provided care 23.5% 54% 7.2% 26.8% 66.1% 16% 19% Partner/Companion 9.3% 23.3% SPENDING • • Ne ac Approximat tion vers -ca . Est The ir megiver ated ely mos costa t s cs ondit oft hird m we co ed ion ical re mmon of tr ea sligh ca tmenre t ac an tly givers d tions less prescriptio wo taken likely to n drugs rk/wor by have ked caredur givers set ing aside re inc tirement lude emer dgency se vs. tting a quar sa as viide ngs ter money (5 of 6%) 30% 30% 40% 30% 12% no longer matching job requirements 21.4% EBRI estimates. 8% 21% SAVINGS AND DEBT Hom No e , e 53% quity 20% 12% 15% 20.1% 18.5% 30% 12.7% 20% Managin RET g financIREM es, such as payENT ing bills or fil ling STA out insuranc TU e S 10% There DES were changes CR at your IPTIVE STAT company, such as downsizing, closure ISTICS Father or Father-In-Law 14% 7.5% •20% than Bot never to pay h cur cu -ca for rrre r ent egiver liv nt ing ca and re s. as givers pr sis evious tanc (6e, 2%) ca mak reand givers ing pas modifications we t ca rere more givers likely than to (6 stay 3%).at home, never-ca talking regiver to s unpa to co id ver 20% 47% loan Estimated costs of long-term care Yes, 7% 30% 15.7% 7% 20% claims 11% FOR AGING • 20%Mos 202214% t did not provide the care in a group setting, and care wa 14. s 8% most commonly provided 10% 29% 61% 14.5% 2024 Sp or reorganization ending in Retirement Survey 20% 9.0% 10% 10% 20% 8.2% 12% 12.2% ca unexpec regivers ted , and expens lookes ing by for dec information reasing expenditures 20. on 5%aging iss on uestheir . Daught own eressential and 7.5% Student19.6% 5% 12% 9% Researched, toured, or moved into group or community living arrangements 10% No, 79% 8% 17.1% for a grandchild, 4% mother/mother-in-law, or a spouse. Getting in and out of beds and chairs 34% 20% You had/have a health problem or a disability 7% 8.5% 10% Currently providing care 8.9% 25.2% 7% 8.0% 10% loans6% 10% 10% 4% 4% discretionary items. In addition, a higher percentage of previous caregivers also 5% Data were collected on the Qualtrics platform from April through July 2024. At 95 5% % confidenc5% e, 5% 5.9% 4% 3% Son 6.2% 5% 10% 10% 5.1% 3% 5.1% 3% 3% 8% Arranging outside services, such as nurses R,ese hom arce hec d pai are d car aides egivers , or 4% 1.5% 1.4% 1.4% Business 1% 10% the margin of error is +/-1.6% in a similarly sized random sample. 31% withdrew You from could afemer ford Care to genc retire ear gi y sa lier ver vi than ngs you Oversample . planned Results 0% 4% 0% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% meals-on-wheels 0% 0% 10% 20% 30% 40% 50% loan 0% 1% 0% 1% 0% 0% Currently providing care Other, pleasPrev e speci ious fy ly provided care Never provided care Reduced spending on Reduced spending on Increased cr 2% edit card debt Increased withdrawal Withdrew from my 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Set aside emergency funds Did not set aside emergency funds Don't know Much higher than you A little higher than you About the right amount A little less than you can Much less than you can 0% Experienced Did not experience No debt An easily manageable A manageable level of An unmanageable level of A crushing level of debt 2% Extremely likely Likely 0% Not sure 10% 20% 30%Unlik 40% ely 50% 60% Extrem70% ely unlik 80% ely 90% 0% 10% 20% 30% 40% 50% • Most co Cmmon urrently Pforms roviding of Carhelp we e re trans Prev por ioustly ation Provided and Car gr eocery shoppin Nev g.er Provided Care your own essential your own discretionary from retirement or emergency savings 0% 10% 20% 30% 40% 50% 60% 70% 80% can afford can afford for what you can afford afford afford Currently providing care Previously provided care Never provided care level of debt debt debt 0% 10% 20% 30% 40% 50% 60% expenses expenses investment accounts November 2025 Q148: What actions resulted from the emergency expense(s)? (Select all that apply) Q67: Have you set aside emergency or rainy-day funds that would cover your expenses for 3 months in case of sickness, income loss, Q26 Q110: HW ave ithin ytou he last ever 12 bee montn hs, a ha care ve you give her lpe for d an som adeon ult e — either Q111: in Wy ithi our n the hou last seho 12 mld ontor hs, outs have ide you y provi ourde hou d care seho to an ld y — chi w ld ho under Q131: W Q1 hic 14: h T of hink the ing follow of the ing pers actions on y , ou if any prov , hav ided e y the ou m tak os en t ctare o plan to, do/ for did your you owprov n needs ide help as yw ou ith… age? (Select all that apply) Q112: Please think about the individual(s) you provided Q113: Who is/are the individual(s) you provided care for in the past 12 Q24: Have you ever worked, either part-time or full-time, while being retired from your primary Q12: Why did you retire from your primary career? economic downturn, or oth Q51 eQ32: r e m De o rge D yo ou ny cie ou feel s?hav your e long curre -term nt s pen care ding ins uranc level e is? …? Q27: Please indicate which kinds of debt you currently have (18 years or olde Q1 r) 28 Q1 rel: ative 1: How D or id likely fry ien ou d ist it t retire akeha care t ear you of lier tw he ill m or ne sel ed later ves? assistan thance expect the w ith age da e of d? ily 18 act beiv cau ities se as of a you med ag ical e? , behavioral, or other condition or Q28: How would you describe your current level of debt? care to in the past 12 months. Did you provide that care months? Please select all that apply 25 20 10 15 2 7 9 8 3 5 6 4 has a disability, chronic condition, special need or cognitive impairment — and needs help with the daily activities Q147: Have you had significant unexpected spending needs since you retired? career? disability? within an institutional or group setting? of living? Percentage of retirees