According to Market Watch, adults aged 65 to 74 hold an average of $134,950 in debt, while seniors 75 and older hold an average of $94,620 in debt. That is a lot.
Whether it’s taking cruises, exploring new countries, or visiting family members, the ability to travel frequently is a strong indicator of financial health.
According to a recent survey by health-insurance marketplace eHealth and retirement-planning company Retirable, over 60% of people aged 60 to 70 cited healthcare costs as a major concern in retirement.
In a report, it was revealed that 49% of parents are sacrificing making payments on their own debt, and 55% report they are risking reaching a financial milestone.
Participation in social activities, clubs, and organizations can indicate financial well-being. Retirees who can afford membership fees, travel costs, and other expenses related to social engagement are likely financially comfortable.
This diversification helps protect against market volatility and ensures a steady income stream through dividends, interest, and capital gains.
Retirees who are financially secure often have the resources to give back to their communities and support causes they care about.
Having a comprehensive estate plan in place is a strong indicator of financial well-being. This includes having a will, trusts, and other mechanisms to ensure their assets are distributed according to their wishes.
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