Comparison is often called the thief of joy, but for retirement planning, it can be a valuable tool, helping you understand how much you might need to save and spend in retirement to maintain your lifestyle.
According to the latest available federal data, which is from 2024, the total annual spending for individuals aged 65 and older in the U.S. averaged $61,432.1 This comes out to about $5,120 per month. By far the biggest spending categories were housing, food, transportation, and healthcare. However, those 65 and older, many of whom are retired, are also spending a significant portion of their income on entertainment.
Transportation is the next largest category, costing more than food: $9,538 per year, or approximately 15.5% of the annual budget. That’s $795 each month. This category includes vehicle purchases, fuel, maintenance, insurance, and any public transportation costs.
Have more mobility news that we should be reading and sharing? Let us know! Reach out to us (info@ccam-tac.org).
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