Research from Corebridge Financial shows that retirees tend to spend the most during the first few years of retirement. Often dubbed the “go-go years,” this generally correlates to retirees between the ages of 65 and 74. As 69-year-olds are smack dab in the middle of this range, it’s fair to assume that spending for retirees of all income levels at this age is just about at its peak.
The Bureau of Labor Statistics (BLS) reports the real-world spending averages for various age groups across America in its Consumer Expenditure Survey (CES). While it doesn’t specifically list the spending of upper-class 69-year-old retirees, valid approximations can be inferred from the data the CES does publish.
With that minor caveat in mind, here’s a data-driven look at what upper-class retirees around age 69 typically spend every month — and where they spend it.
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Overall CES Data
According to a Federal Reserve analysis of BLS data, households headed by someone aged 65 or older spend an average of just over $60,000 annually, or roughly $5,000 per month.
Not surprisingly, those in the top 20% of income and assets — a common barometer used to define the upper class — spend significantly more than the national average. Data derived from CES statistics shows that most upper-quintile households consistently spend about 55% to 65% more than the average American. However, while higher-income households continue to outspend average households, this spending difference narrows in retirement. This is because many income-linked costs, such as work clothing, commuting and work-related travel and meals, disappear in retirement. As a result, while upper-class households still greatly outspend the national averages, the ratio is smaller.
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Upper-Class Retiree Spending: Monthly Breakdown
Assuming upper-class retirees spend roughly 40% more than the average retiree household — a fair estimate based on historic CES data — this means upper-class retirees 65 and older spend roughly $84,000 annually, or about $7,000 per month. As 69-year-olds are right in the middle of the increased spending period of the “go-go years,” this is a reasonable approximation.
The Social Security Administration’s “Expenditures of the Aged Chartbook” shows that on an average basis, spending for households headed by someone 65 or older breaks down as follows:
- Housing: 37%
- Other: 17%
- Out-of-pocket healthcare: 14%
- Transportation: 13.1%
- Food: 12%
- Entertainment: 4.8%
- Apparel: 1.7%
Category Breakdown for Upper-Class 69-Year Olds
Inferring from this data, the estimated $7,000 monthly spend for 69-year-old, upper-class retirees would look like this by category.
Housing: $2,590
This includes mortgage or rent, property taxes, insurance, homeowners association (HOA) dues, repairs and maintenance.
Other: $1,190
This catch-all category includes expenses that don’t fall directly into the other major categories, such as personal care, grooming, household supplies and life insurance.
Out-of-Pocket Healthcare: $980
The premiums for Medicare Part B and D (if applicable), out-of-pocket prescription and deductible expenses, dental, vision and private/concierge healthcare costs fall under this category.
Transportation: $917
Car finance or lease payments, insurance, airfare, fuel, repairs, rideshares and taxi costs are the primary transportation expenses.
Food: $840
The food category primarily covers the cost of groceries and dining out. Home meal subscription services would also fall under this heading.
Entertainment: $336
Expenses for everything from streaming services, movies, shows and hobbies are considered entertainment costs.
Apparel: $119
Apparel costs tend to decline greatly in retirement, but retirees still need to update or replace items in their wardrobe from time to time.
Total: $7,000 a Month
Note that this number is simply an inferred figure based on real-world average data. Many upper-class retirees spend much more, especially those owning multiple homes, traveling the world or otherwise living luxury lifestyles. However, this “average” consciously excludes the conspicuously wealthy.
The Bottom Line
Understanding how much average and upper-class retirees spend is an important exercise because it can help pre-retirees benchmark their own savings and evaluate whether their retirement budget aligns with their lifestyle goals.
If you’re looking to live an upper-class lifestyle at age 69, you’ll likely need a retirement budget of at least $7,000 per month to accomplish that goal. This level of income would require some combination of a sizable nest egg, large Social Security benefits or some other form of ongoing income stream, such as from rental properties.
Methodology: Spending figures in this article are primarily based on data from the U.S. Bureau of Labor Statistics’ Consumer Expenditure Survey (CES), which reports average annual household expenditures by age and income group. The average spending figure for households headed by someone age 65 or older reflects published CES totals for all income levels. References to “upper-class” or higher-income retirees are inferred from CES income-quintile spending patterns rather than from a separate BLS-defined category. Because the CES does not publish spending totals that simultaneously segment households by both income quintile and retirement status, estimates for higher-income retirees are derived by comparing published CES income and age trends and adjusting for well-documented declines in work-related expenses after retirement, such as transportation and clothing.
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This article originally appeared on GOBankingRates.com: How Much the Average Upper-Class Retiree Spends Monthly at Age 69
