RJ and Makay

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Home mortgage and property tax outlays are the biggest expenses for Americans over the age of 50, according to a recent study by the Employee Benefit Research Institute (EBRI).  The study was based on research data gathered from 5,000 households across the nation between 2000 and 2009.  Americans aged 50 to 64 spent a median of $18,828 per year, or 47% of their total expenses, on mortgages or rent, insurance, property taxes and repairs.

Middle-Income Boomers, a new study by Bankers Life and Casualty Company Center for a Secure Retirement (CSR), found that 73% of middle-income baby boomers are rethinking retirement, and that 79% are delaying their retirement by an average of five years.

The study examined 500 Americans, age 47 to 65, with incomes between $25,000 and $75,000.  One in seven respondents (14%) believe that the turbulent economy will prevent them from ever retiring.