How Much the Average Upper-Class Retiree Spends Monthly at Age 84
Written by
John Csiszar
Edited by
Levi Leidy
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There are no government tables that specifically outline what an upper-class, 84-year-old retiree spends monthly at age 84. But using data from the Bureau of Labor Statistics (BLS), a good approximation can be made as to what that amount might be.
Here’s a look at what the BLS numbers say about the spending patterns of older Americans.
Household Spending
BLS data reported by the St. Louis Federal Reserve Bank shows that in 2023, the average annual expenditure for Americans 75 and older was $53,031. That breaks down to a monthly expenditure of $4,419.25.
However, data from the Consumer Expenditure Report (issued by the BLS) shows that higher-income Americans spend more. Although the BLS doesn’t explicitly define “upper class,” it segregates its data by income, with $100,000-plus being the top category. That’s the closest approximate available for what an upper-class American is from an income standpoint looking at this particular data, though obviously $100K is a pretty low threshold for what might be considered upper class in the U.S., particularly in big cities.
For the 2021-22 period, which is the latest for which BLS data is available, these households spent an average of $106,150 per year, or $8,846 per month.
If you assume spending in these households rose in line with inflation, it means that expenditures rose by 3.4% in 2023 and 2.9% in 2024. That would boost the average monthly expenditure to $9,412.02 for upper-class Americans.
There’s one caveat to these numbers, however. An older study by the BLS showed that as Americans get older, they spend less. Although the numbers are a decade old now, the percentage decline is likely fairly similar.
Based on this study, those aged 75 and older spent about 25% less than those in the 65-74 age group. Those in their 80s likely spent even less. This makes sense because as Americans get older, they tend to stay at home more, often due to family or health-related issues.
Applying this adjustment to the $9,412.02 average monthly spend for upper-class Americans means a more realistic number is likely closer to $7,059.
Where Do Retirees Spend Their Money?
According to the BLS data, here are the biggest five spending categories for Americans 65 and older in the top income category. Bear in mind that for 84-year-olds, these figures would likely be adjusted downward, per the calculations above, as the BLS doesn’t publish data specifically for 84-year-olds:
- Housing: $33,614 per year, or $2,801 per month
- Personal insurance and pensions: $12,519 per year, $1,043 per month
- Food: $12,186 per year, $1,016 per month
- Cash contributions: $9,917 per year, $826 per month
- Entertainment: $5,093 per year, $424 per month
Of course, these are just averages, and every household is different. But the BLS tables provide real-world data showing actual American spending. The patterns will vary a bit for those who are 84, but the BLS doesn’t provide hard data for this exact age group. Overall, however, it’s fair to assume that spending for 84-year-olds will be less, on average.
Something else to consider is that these numbers are averages for those earning $100,000 or more, which means it includes the ultra-rich as well. As a result, these averages likely skew higher than what a household earning a few hundred thousand dollars or so per year would spend.
The Bottom Line
Determining the exact average monthly spend for an upper-class 84-year-old isn’t possible using government data. However, the BLS data set is so rich and deep that meaningful approximations can be drawn from it. After factoring a variety of adjustments, it’s likely that $7,000 per month or so is a fair estimation as to what an upper-class 84-year-old spends in America.
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