12% Run Out of Money

How many of the oldest Americans run out of money before they die? One in eight, according to a study by the Employee Benefit Research Institute.

Using data from the University of Michigan's Health and Retirement Study, EBRI researchers examined the assets of households in which a household member aged 50 or older had died between the 2010 and 2012 surveys. By age of the household member who died, here is the percentage of households with zero non-housing assets in 2010—before the death of the household member...

Percentage of households with non-housing assets = zero before death
Aged 50 to 64: 37.2%
Aged 65 to 74: 25.3%
Aged 75 to 84: 18.5%
Aged 85-plus: 20.6%

The researchers also looked at total assets to determine the percentage of households with no assets at all before the death of the household member. Here are those numbers by age of the deceased...

Percentage of households with total assets = zero before death
Aged 50 to 64: 29.8%
Aged 65 to 74: 15.8%
Aged 75 to 84: 10.5%
Aged 85-plus: 12.2%

Source: Employee Benefit Research Institute, A Look at the End-of-Life Financial Situation in America