Third-Quarter Review of Investments and Personal Finance : Compare Your Savings and Spendings to Others Across the Nation
Here’s a rundown of total household income, spending and savings patterns by age group. Figures are based on a survey during the 1992-93 federal fiscal year.
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Average Annual Savings by Income Level and Age
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Annual Income Age:25-34 35-44 45-54 55-64 65+ Less than $5,000 ($12,735) ($12,746) ($16,627) $17,533) ($9,486) 5,000-9,999 (6,809) (7,804) (6,730) (7,501) (4,466) 10,000-14,999 (5,214) (6,921) (5,815) (7,734) (4,856) 15,000-19,999 (4,109) (4,889) (6,715) (7,506) (3,163) 20,000-29,000 (1,838) (4,279) (5,170) (3,371) (1,973) 30,000-39,000 873 (2,477) (1,225) (625) 4,345 40,000-49,000 2,565 (1,562) (453) 4,241 4,889 50,000-69,999 4,729 4,239 6,135 7,495 13,494 70,000+ 25,890 26,757 20,521 26,628 31,715
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Source: Bureau of Labor Statistics Consumer Expenditure Survey
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Average Annual Budget By Age
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Spending Category Age: 25-34 35-44 45-54 55-64 Average Income $33,047 $44,454 $47,683 $37,838 Taxes 2,858 4,266 4,840 3,518 Food-Drink 4,682 5,848 5,821 4,948 Housing 9,977 12,258 11,595 9,568 Clothes-Entertainment 3,492 4,259 4,326 3,205 Transportation 5,296 6,503 7,279 6,164 Health Care 1,088 1,635 1,730 2,100 Soc. Security Tax-Life Insurance 3,125 4,604 5,263 3,650 Other 2,333 3,448 4,468 3,734 Savings 196 1,633 2,361 947
Spending Category 65+ Average Income $21,040 Taxes 1,197 Food-Drink 3,468 Housing 6,787 Clothes-Entertainment 1,812 Transportation 3,091 Health Care 2,644 Soc. Security Tax-Life Insurance 824 Other 2,588 Savings (1,371)
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Notes
Parenthesis indicate negative figure. Savings figures do not include home equity. In budget section, housing includes the cost of insurance, utilities, repairs, property taxes and household supplies. Transportation includes, vehicles, gasoline, insurance, maintenance and public transportation. Taxes include just federal and state income taxes. Social Security tax-life insurance also includes Medicare contributions. Savings includes contributions into retirement savings plans such as IRAs and 401(k)s. Other includes books, education, tobacco, charitable contributions, personal care products and other miscellaneous spending.
