News Summary

• An 85-year-old middle-class retiree spends approximately $4,220.58 per month, which comes to $50,648.16 per year.
• Food, clothing, transportation, and entertainment are some of the costs that go down over time.
• Housing costs still go down for older retirees, but since other expenses go down at a faster rate, housing remains a higher percentage of a retiree's expenses.
• It’s not good to rely on Social Security in your retirement planning if you are still in the workforce.