Social Security benefits account for nearly one-third of the income for people over the age of 65, according to the Social Security Administration (SSA). Yet benefits are often quite modest, so if you don’t have other sources, it can be tough to live comfortably in retirement. On average, the monthly Social Security benefit for a retired worker is just $1,937, as of 2024. However, those who earned more during their careers and waited until age 70 to claim do have higher benefit amounts, which could make i ...

Key Takeaways The average retiree household spends roughly $60,000 annually, with housing (36%), transportation (15%), healthcare (13%) and food (13%) taking the largest shares of the budget. Inflation-adjusted spending typically declines by about 26% between the ages of 65 and 84, but long-term care costs remain a major wild card that standard spending data doesn't capture. On average, Americans think they need $1.26 million to retire comfortably, according to Northwestern Mutual's 2025 Planning & ...

Core Insights - Many retirees, despite having a fixed income, find ways to manage their spending, with some having more flexibility in their budgets [1][2] Spending Habits of Retirees - Extended warranties and optional insurance products are often avoided by retirees, as they evaluate the cost versus actual risk and find them not cost-effective [3] - Luxury cars, which can cost between $80,000 to $100,000, are generally skipped due to rapid depreciation and high maintenance costs, leading retirees to prefer more economical vehicles [4] - Retirees tend to avoid the latest gadgets, opting for technology that meets essential needs rather than frequently upgrading to new models, thus preventing rapid depreciation [5] - Timeshares and vacation memberships are also commonly avoided due to high fees and the difficulty associated with exiting these agreements [6]

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