Despite the rebound in the economy
, retirees are finding it hard to pay their bills, according to a new Employee Benefits Research Institute report.
only spend about 80 percent on average of what working households spend, they only take in 57 percent of what working households earn. Home-related expenses account for the largest spending category for retirees.
is the second largest expense category, and increases with age. It accounts for about 10 percent of the budget for those ages 50 to 64, but increases to 20 percent for those ages 85 and older.
In addition, the study found singles, blacks and those without a high school diploma are outspending their resources in retirement. Further, the bottom income quartile has the weakest financial standing in retirement.