Average Annual Spending and Savings Needs of Retirees in Their 60s
According to data from the U.S. Bureau of Labor Statistics, households headed by someone age 65 or older spent an average of $61,400 annually in 2024. Using a 4% withdrawal rule, this suggests retirees would need approximately $1.5 million saved for retirement. However, many Americans expect to save only around $1.46 million based on the Northwestern Mutual study.