AGE 65-74 AGE 75 & OLDER Average $ Amount Percent $35,467 100 Pretax Annual Income Exhibit 14-3 How "Average" Older (65-74 and 75+) Households Spend Their Money Retired families spend a greater share of their income for food, housing, and medical care than nonretired families. Annual Expenditures $36,673 100 Housing $13,375 36.5 Average $ Amount Percent $52,366 100 $48,855 100 $15,838 32.4 $ 6,284 12.0 $ 1,417 2.9 $ 8,338 17.1 $5,456 12.2 Food 11.9 $ 4,349 $ 683 Clothing Transportation Health Care $ 5,091 $ 5.708 Entertainment $ 2,988 $ 2.788 $ 1.626 $ 800 15.6 4.4 2.2 Pensions and Social Security 5.7 Other $6,074 11.6 $ 5.041 13.7 "Includes cash distribution, alcohol, tobacco, personal care products and services, reading, education, life and personal insurance, and miscellaneous expenses Source Ann C Foster, "A Closer Look at Spending Pattems of Older Americans. Beyond the Numbers Price and Spending, vol 5, no. 4 (US Bureau of Labor Statistics, March 2016), tips //www.bis.gov opubb/volum e ndid Datterns of older americans htm accessed May 4, 2017