Reducing Your Second Largest Retirement Expense
After housing, transportation stands as the second most significant expenditure for individuals aged 65 and above in the United States. In 2021, the average spending on transportation for this demographic amounted to $7,160, equivalent to approximately $600 per month, according to data from the U.S. Bureau of Labor Statistics. It is worth noting that 2021 was an exceptional year due to the pandemic, resulting in reduced travel compared to normal circumstances.