Expenditures: Total Average Annual Expenditures by Age: Age 65 or over
CXUTOTALEXPLB0407M • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
60,087.00
Year-over-Year Change
53.39%
Date Range
1/1/1988 - 1/1/2023
Summary
This economic trend measures the total average annual expenditures by individuals aged 65 and older in the United States. It provides valuable insights into the spending patterns and consumption habits of retirees and older adults.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Total Average Annual Expenditures by Age: Age 65 or over metric is a key indicator used by economists and policymakers to understand the financial well-being and consumption behaviors of the elderly population. It helps inform decision-making related to retirement planning, social programs, and market strategies targeting older consumers.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey.
Historical Context
This trend is widely utilized by government agencies, financial institutions, and market researchers to analyze the economic impact and financial needs of the aging population.
Key Facts
- The average annual expenditure for households headed by individuals aged 65 and older was $48,885 in 2021.
- Housing and healthcare are the two largest spending categories for older Americans, accounting for over 60% of their total expenditures.
- Retiree spending tends to be more focused on essential goods and services compared to younger households.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total average annual expenditures by individuals aged 65 and older in the United States. It provides insights into the spending patterns and consumption habits of the elderly population.
Q: Why is this trend relevant for users or analysts?
A: This trend is highly relevant for economists, policymakers, and market researchers as it helps inform decision-making related to retirement planning, social programs, and strategies targeting older consumers.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Consumer Expenditure Survey.
Q: How is this trend used in economic policy?
A: This trend is utilized by government agencies, financial institutions, and market researchers to analyze the economic impact and financial needs of the aging population, which informs policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The data is released on a regular basis, but there may be slight delays in availability due to the comprehensive survey process.
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Citation
U.S. Federal Reserve, Expenditures: Total Average Annual Expenditures by Age: Age 65 or over (CXUTOTALEXPLB0407M), retrieved from FRED.