Drazen Zigic / Getty Images Those aged 65 and older averaged a total of $7,714 per year on food, or approximately 12.8% of their annual spending. That included food both at home and away from home. Key Takeaways In 2023, average spending for those ages 65 and older was $60,087 per year, or slightly more than $5,000 per month. The largest spending categories were housing, clocking in at $1,787 per month, transportation ($752.75), healthcare ($668.92), and food ($642.84). Spending also included an aver ...