Investment Updates
Four Observations About This Week’s Financial News
Published Friday, October 13, 2023 at: 7:35 PM EDT
With all of the news this past week, here are four observations for investors.
Seniors are a “secret weapon,” according to an October 8 article in The Wall Street Journal. Compared to your parents’ retirement, Americans 65 and older are much wealthier, healthier and better off. This is not your parents’ retirement. Riding on decades of rising home values and stock prices, Americans 70 and older now account for nearly 26% of household wealth -- the most since the Federal Reserve began tracking this data in 1989. In a brilliant piece of reporting, The Journal’s Gwynn Guilford cites the Labor Department’s survey of consumer expenditures released in September showing Americans 65 and up accounted for 22% of spending in 2022 -- the highest since records began in 1972. Spending by older households is up 34.5% from 1982, compared with 16.5% for younger households. “Seniors’ high spending propensities reflect health, wealth and perhaps lingering psychological effects of the pandemic,” writes Ms. Guilford. Older Americans are well positioned to remain a reliable source of U.S. strength, as anomalistic echoes of the post-pandemic stimulus of 2021 and 2022 fade and the unusual post-pandemic expansion unfolds in 2024.
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