Core Insights - Individuals aged 65 and older in the U.S. averaged total annual spending of $60,087 in 2023, which translates to just over $5,000 per month [3][5] - The largest spending categories for this demographic include housing, food, transportation, and healthcare, with significant allocations also made for entertainment [3][5] Spending Breakdown - **Housing Costs**: The largest share of annual expenses is allocated to housing, totaling $21,445 per year, which is about 36% of annual spending. Monthly housing costs average $1,787 [6][7] - **Transportation Costs**: Transportation is the next largest category, costing $9,033 per year, or approximately 15% of the annual budget. Monthly transportation expenses average $752.75 [7][5] - **Food Costs**: Individuals aged 65 and older spent an average of $7,714 per year on food, which is approximately 12.8% of their annual spending. Monthly food costs average $642.84 [8][5] - **Healthcare Costs**: Healthcare spending for this age group averaged $8,027 in 2023, accounting for about 13.4% of their annual spending [9] - **Entertainment Expenses**: On average, individuals spent $241.50 per month on entertainment, which includes activities such as shows, sporting events, and club memberships [5]