Retirees tend to live off a fixed income that’s a mix of Social Security benefits, pensions and various retirement savings accounts. As a result, budgeting is crucial for a fixed income, both to ensure a retiree doesn’t overspend beyond their means but also to provide a safe and enjoyable retirement after years of hard work.
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A helpful means of approaching and understanding a middle-class retirement budget is to break down expenditures and know what your income is going towards. Per the U.S. Bureau of Labor Statistics’ Consumer Expenditure Surveys (CE), an average retiree’s household spends approximately $5,400 monthly (that’s around $65,000 per year). Knowing just how and where to spend that monthly allowance goes a long way toward a successful retirement.
GOBankingRates has culled the 10 things every middle-class retiree should budget for after turning 70 so as get the most from their retirement without risking overspending.