We know the average spending for American households over the age of 65 is a surprisingly high $45,756 a year or $3,800 a month according to the Bureau of Labor Statistics.
Given the average Social Security benefit is only $17,532 a year, or $1,461 a month, the average retiree likely has a significant amount of retirement savings in order to account for the missing $2,339 a month.
With no debt, life in retirement is quite comfortable for current Americans in traditional retirement age.
But how much is the average expenditure across all ages? Surely, the average American can’t be spending too much while working in order to have so much in retirement. Let’s take a look at the latest available data from the BLS.