The average American aged 65 and up earns $65,468 annually and spends $60,087 yearly. High expenses often force retirees to continue working. Home costs lead spending at $21,445 yearly. Transportation follows at $9,033, health at $8,027, and food at $7,714. Cutting costs is crucial for financial security.

Retirees can downsize homes, use public transit, and invest in preventative care to save money. Shopping smart, comparing insurance rates, and investing spare change with Acorns can help manage expenses. A Wealthfront Cash Account offers a 4.15% APY, providing a safe investment option for retirees.

OfficialHomeInsurance and OfficialCarInsurance offer competitive rates for retirees. Balances of up to $8 million are insured by the FDIC through program banks. By saving on home, car, health, and food expenses, retirees can build a secure financial future. Stick to budgets, avoid overspending, and invest wisely for a stable retirement.

Read more at Yahoo Finance: The average retiree spends $4,622 on monthly expenses, and burns most of that on these 4 things