RetirementBudget News & Analysis

Retirees Spend $59,616 Annually on Living Expenses in 2024

In 2024, the average retired person spent approximately $59,616, averaging $5,000 per month on living expenses. A significant portion, $22,079, was spent on housing, accounting for nearly 37% of the total budget. According to a 2023 report, 41% of Americans aged 65 to 79 have a mortgage, suggesting housing costs are a major financial concern for retirees. This data highlights the importance for retirees to consider budgeting strategies, especially in housing, to manage their expenses effectively.