Retirees Spend Nearly $5,000 a Month — Here’s Where Their Income Goes and How To Plan Accordingly
Article Excerpt: "You might expect your expenses to decrease with retirement and, according to statistics from the Department of Labor, that’s true. The average American age 65 and up spends just $57,818 each year. ...Americans ages 65 and up earn just $60,359 before taxes, which means they spend a roughly 95% of their income. ...75% according to the report — goes to four expenses. What are they? And how can you work to reduce these costs so your retirement income lasts longer?"
Resource: yahoo.com