Attachment M(b) - Over55 Spending Summary

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