Characteristics and Spending of Retirees in 2020

One-fifth of households in the United States are headed by retirees, according to the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey. The 28 million households headed by retirees are more numerous than most other occupational groups, behind only households headed by managers and professionals (35 million). Households headed by retirees outnumber those headed by technical, sales, and clerical workers (19 million), service workers (16 million), the self-employed (9 million), operators, fabricators, and laborers (6 million), and construction workers and mechanics (4 million).

Characteristics of households headed by retirees, 2020

Average age of householder: 73.9 years

Average household size: 1.7 people

Average number of vehicles: 1.7

Percent who own their home: 80%

Percent with a mortgage: 23%

Percent with at least some college: 61%

Households headed by retirees spent an average of $46,111 in 2020. They spend more than their income ($42,397) as they draw down savings. Retiree households spend less, on average, than households headed by workers regardless of occupation... 

Average annual spending of households by occupation of householder, 2020

$82,320: self-employed

$80,855: managers and professionals

$59,168: technical, sales and clerical workers

$57,401: construction workers and mechanics

$53,604: service workers

$52,065: operators, fabricators, and laborers

$46,111: retirees

Source: Demo Memo analysis of the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey