Household spending decreases with age, according to the Employee Benefit Research Institute’s study of the Health and Retirement Study and the Consumption and Activities Survey for older Americans between the ages of 50 to 64; 65 to 74; and 75 and older, between 2005 and 2017. EBRI found the average household expenses for those 50-64 were $55,000 in 2005. In that same year, they were $43,000 for those 65-74, which was 22% less. For those 75 and older, total household expenditures were $33,000, or 23% less than the 65-74 age cohort, and 40% less than the 50-64 age cohort. This pattern was consistent across all survey years. Not surprisingly, the share of household budgets devoted to health costs increased with age. However, the average and median dollar amounts did not show large variations across age groups in any given year. Those 50-64 spent between $4,100 to $4,500 on health care; those 65-74 spent $4,100 to $4,700; and those 75 and older spent $4,000 to $5,000. ARTICLE based on STUDY
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