Attachment W(b) - Over55 Spending Summary

Attachment W(b) - Over55 Spending Summary.pdf

Consumer Expenditure Surveys: Quarterly Interview and Diary

Attachment W(b) - Over55 Spending Summary

OMB: 1220-0050

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Household Spending
Age 55 and Over

As household members age and transition
to retirement, understanding expenditure
patterns in later life is crucial in evaluating
financial security in retirement.

Average Annual Expenditures
$70,000
$60,000

$61,346
$50,873

$50,000

$38,691

$40,000

Average
Annual
Expenditures

Proportion of
Household
Budget

Food
$6,451

12.3%

Housing
$17,104
32.5%
Apparel and Services
$1,330
2.5%

$30,000
$20,000
$10,000
$0
55-64

65-74

75 and older

Clothing and transportation
spending, and contributions for
pensions and Social Security
decline with age.

Healthcare spending increases
with age.

Transportation
$8,099
15.4%
Healthcare
$5,781
11.0%
Entertainment
$2,696
5.1%
Other
$11,171

21.2%

Source: 2016 Consumer Expenditure Survey
U.S. Department of Labor
Bureau of Labor Statistics

bls.gov


File Typeapplication/pdf
File TitlePowerPoint Presentation
AuthorValerie E Pianin (CENSUS/ADDP FED)
File Modified2018-06-08
File Created2018-06-08

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