MORTGAGE
According to the Bureau of Labor Statistics, 61.7% of Americans between the ages of 65 and 74 don’t have mortgage debt, and 82.5% of Americans 75 and older are mortgage-free.
To be sure, housing costs don’t disappear entirely in retirement. Even if you’ve paid off the mortgage, you’ll still spend on home maintenance, and you’ll incur moving costs associated with downsizing, relocating or moving into senior-living facilities.
Still, average annual spending on housing for Americans who are 55 to 64 is $18,006. It decreases to $15,838 for those age 65 to 74, and it drops further to $13,375 for those 75 and older.
