Sunday, August 05, 2012

Household spend by older Americans on food - good data

Food expenditures by older Americans stays constant (as a percentage) as people age, and as households move from the pre-retirement stage deeper into their post-retirement years.

Median spending on food in 2009, the latest figures available (in 2010 dollars) were: $4,622 (12% of total household expenses) for people age 50-64; $3,896 (12%) for people 65-74; $3,555 (13%) for people 75-84; and $2,844 (12%) for people 85 and older, reported the Employee Benefit Research Institute (EBRI).

EBRI defines food expenditures as “food and drink, including alcoholic beverages that are bought in grocery and other stores. Dining out is not included.”  Home and home-related expenses remain the single-largest spending category for older Americans [42%-47%, depending on age bracket], followed by health care expenses [9%-18%, depending on age bracket].

Retired households spend 80% on average of what working households spend, though their earnings are 57% of working households. Dick Stroud  

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