Retirement, by definition, usually means you are no longer working, so you no longer receive a paycheck. For most retirees, this means living on a fixed income and keeping to a budget.
Have you ever wondered how spending differs depending on how much money you have? Using spending data from the Bureau of Labor Statistics and the Social Security Administration, Yahoo! Finance figured out how much money the average middle-class and upper-class retiree (aged 65 and older) spends each month.
It found that middle-class retirees — that’s seniors with $50,000 to $99,999 in annual household income — spend about $5,000-$6,000 per month, while upper-class retirees — that’s seniors with $100,000 or more in annual household income — spend around $8,850 per month. For most seniors, housing is their biggest expense, followed by healthcare.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.