Plus, how to slash expenses in retirement no matter where you live
The average over-65 household spends just over $49,000 a year, on average, which shakes out to roughly $4,000 a month, according to data released by the Bureau of Labor Statistics. Housing eats up the largest share of that , though health care, transportation and food also factor in heavily.
On Thursday, personal finance site GoBankingRates.com calculated the likely average spending for the over-65 set in roughly 100 cities across America, using government expenditure and cost-of-living data. In four spots, retirees likely must spend an average of more than $100,000 a year:1. San Francisco: $151,103Rounding out the top 10 are Oakland, Calif., Los Angeles, Washington, D.C., Boston and Long Beach, Calif.
Wondering where your city fits in? Here’s a list of cities by how much you’ll likely spend in retirement in each.That said, many of us want to live near our families who may live in expensive cities. So MarketWatch asked experts for some of their best advice on cutting costs in retirement — even if you live in a pricey place.
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