The closest official estimate is $65,149 a year, or about $5,429 a month: the U.S. Bureau of Labor Statistics’ 2023 average expenditures for households whose reference person was 65 to 74. It is a useful age-based benchmark, not a measure of retirees alone—and it does not cover people in their early 60s.
What is the best available estimate for people in their 60s?
The BLS reported that U.S. consumer units with a reference person age 65–74 spent an average of $65,149 in 2023. Dividing that annual figure by 12 gives a monthly equivalent of about $5,429. That monthly amount is a calculation from the annual mean, not a separate BLS statistic. BLS Consumer Expenditures in 2023, Table 12
This is the nearest age-specific benchmark in the cited figures, but it does not answer exactly how much retired people in their 60s spent. The published age band begins at 65, so it leaves out ages 60–64; and BLS classifies households by the age of a reference person, not by whether that person has retired.
Why the figure is a household benchmark, not an individual retiree budget
BLS organizes these estimates around a “consumer unit.” It may be a related household; a financially independent person living alone or with others; or two or more people who share income and make joint spending decisions. The age category refers to the consumer unit’s reference person—the person first named when respondents are asked who owns or rents the home. Other people in that unit may be different ages. BLS Consumer Expenditures in 2024
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The Consumer Expenditure Surveys measure expenditures, income, and demographic characteristics. The Census Bureau collects the Interview Survey for major or recurring expenses and the Diary Survey for smaller or frequently purchased items on BLS’s behalf. BLS Consumer Expenditure Surveys overview
Because the survey does not define this group as retirees, the $65,149 average may include consumer units whose reference person is still working as well as those whose reference person is retired. It is an average across the survey population, not a recommended spending level or a prediction of what any particular household will spend. BLS also cautions that a survey point estimate may differ from the true value because of sampling error. BLS 2024 report
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How the other BLS figures compare
| Figure | What it measures | How to use it |
|---|---|---|
| $65,149 a year | 2023 average expenditures for consumer units with a reference person age 65–74 | Closest age-based benchmark here; not retirees-only |
| $60,087 a year | 2023 average expenditures for consumer units with a reference person age 65 and older | A broader 65+ group, not a specific estimate for people in their 60s |
| $78,535 a year | 2024 average expenditures across all consumer units, regardless of age | Not an age-specific or retirement-spending figure |
The first two values are from BLS’s 2023 age table. The all-age 2024 figure appears in the 2024 annual report and BLS news release. These figures have different age coverage and survey years, so they are not a like-for-like comparison or a time series. The 2024 all-age mean cannot be used as a substitute for a 2024 estimate for people 65–74.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the number can—and cannot—tell you about your own budget
The $65,149 figure can help answer “How much do retirees spend per year?” only approximately: it describes 2023 expenditures for consumer units with a reference person age 65–74, not a retiree-only sample. It also offers only a broad comparison. A household’s actual expenses can differ with household size, housing tenure, location, and spending choices; the cited average does not predict an individual’s costs.
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For a meaningful comparison with your own budget, match the basics:
- Survey year: compare amounts from the same year, or account for price changes before interpreting a difference.
- Household unit: compare a household or consumer unit with another household measure, rather than treating the BLS figure as per person.
- Age definition: distinguish a reference person aged 65–74 from all household members being in their 60s, or from a retirees-only group.
- Expense categories: make sure both totals include the same kinds of spending.
BLS reported that average expenditures across all consumer units rose 1.8% in nominal terms from 2023 to 2024, while CPI-U inflation was 2.9%. Those are all-consumer-unit figures, not a 65–74 comparison; they show why a change in dollars is not necessarily a change in purchasing power. BLS Consumer Expenditures in 2024
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