DID YOU KNOW?
According to a study from the U.S. Bureau of Labor Statistics, housing is the greatest expense in dollar amount and as a share of total expenditures for households in which a person 55 and older is considered the primary owner or renter of the home. Total annual household expenditures, which were culled from the BLS’ 2014 Consumer Expenditure Survey, totaled just over $49,000. These expenditures included food, housing, clothing, transportation, health care, and entertainment, among other expenses. The BLS study found that housing accounted for nearly one-third of annual household expenditures in households headed by people age 55 and older. In households headed by people between the ages of 65 and 74, housing expenses accounted for a slightly smaller percentage of overall annual expenditures, while housing accounted for 36.5 percent of overall expenditures in households headed by men and women age 75 and older. Such figures illustrate the need for men and women to account for housing expenses in their retirement planning.