Once or twice a year, she visits her two adult children in different states. She's planning multiple other trips, including to a science fiction convention in Scotland and a Disney cruise soon after that, along with a trip next year to neolithic sites in Great Britain.
Older Americans like Harris are fueling a sustained boost to the U.S. economy. Benefiting from outsize gains in the stock and housing markets over the past several years, they are accounting for a larger share of consumer spending — the principal driver of economic growth — than ever before. When the Fed meets this week, it is sure to keep its benchmark rate unchanged at a 23-year high, the result of 11 rate hikes. The Fed's hikes have forced up borrowing costs across the economy — for everything from home and auto loans to credit cards and business loans.
“People have had significant wealth gains in stocks, significant wealth gains in fixed income, significant wealth gains in home prices, significant wealth gains even in crypto,” said Torsten Slok, chief economist at the Apollo Group, an asset manager. “All that adds up to still a very significant tailwind.”
That said, many older Americans face significant financial challenges. One-quarter of Americans over age 50 have no retirement savings, according to a survey by the AARP. Her 25-year-old daughter, Ruby, had a vastly different experience during a recent visit to an open house near her boyfriend's apartment in the Boston area. An older two-bedroom apartment was on sale for $800,000; it sold within a week.
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