The average retiree household spends about $5,100 to $5,400 per month ($61,000 to $65,000 per year). For most retirees, housing remains the largest expense, followed by transportation and healthcare, which means even modest increases in those categories can put significant pressure on a fixed income. With costs continuing to go up, it has been harder to reach financial security for many older adults. While occasional budget adjustments are normal, there are certain warning signs that suggest your retirement finances may need immediate attention.
That being said, it doesn’t just come out of nowhere. There are signs that you are financially struggling. You might be relying on credit cards too much or not even be able to pinpoint where the money is going. Here’s a look at five specific signs that you might be barely keeping your head above water in retirement (and what you can do about them).
