Finances » Expenditures
Why It's Important
Personal consumption expenditures, also known as PCE, are all funds spent on goods
and services intended for individual consumption or use. Personal consumption expenditures
include such items as food, beverages, clothing and utilities, as well as housing
costs, medical costs and discretionary expenditures that may add to the quality
of life. In planning for retirement, most people need to develop a personal or family
budget and list their projected living expenses (expenditures) compared to their
sources of projected income to determine if they can maintain about the same standard
of living they experience today in their retirement years.
See Data By: Richmond MSA | Virginia
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How Richmond Is Doing
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How Virginia Is Doing
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How the U.S. Is Doing
According to the Bell Investment Advisor's third annual National Survey on Affluent
Boomers on financial stress:
- Almost 30 percent of affluent boomers have more financial stress now than they did
six months ago
- Affluent female boomers report considerably more stress than men (35% vs. 24%)
- Affluent boomers on both coasts--in the Northeast (36%) and West (34%) -- report
more stress than those in the Midwest (27%) and South (25%)
The study also indicates changes in spending for this cohort:
- Of the 40 percent of boomers who are reducing spending in response to the economy,
the highest proportions are in the Northeast (50%) and the West (46%), compared
with 38 percent in the Midwest and 33 percent in the South.
- Based on the survey, 47 percent of affluent boomer women are making lifestyle changes,
compared with just one-third of men.
-
Only four percent of the affluent boomers surveyed report having downsized housing
in response to changes in the economy.
(BELL INVESTMENT ADVISORS, AFFLUENT BOOMERS, 2007)
Differences are modest but the oldest group spends a higher percent on health care
and housing.
Data & Information Sources
Bell Investment Advisor’s Inc., Survey on Affluent Boomers, 2007
http://www.bellinvest.com/survey_2008.html
Federal Interagency Forum on Aging Related Statistics
http://www.agingstats.gov/agingstatsdotnet/main_site/default.aspx
Social Security Administration
http://www.ssa.gov/policy/docs/ssb/v67n1/v67n1p45.html
U.S. Census Bureau, American Community Survey
http://www.census.gov/acs/www/
