Housing costs

As the Bureau of Labor Statistics explained, 61.7% of Americans in the age range of 65 to 74 don’t have any kind of mortgage debt, and 82.5% of Americans who are 75 and older are completely mortgage-free.

Are you in any of these lucky groups? But just to make things clear, housing costs won’t fully disappear in retirement. You might have paid off your mortgage, but you’re still going to spend a couple of bucks on home maintenance, property taxes, and various utilities.

Also, if you’re downsizing in retirement, remember the moving costs that might be associated with downsizing, relocating, or even moving to a well-established senior-living facility. The average annual spending on housing for all Americans who are 55 to 63 years old is $18,006.