The Average Upper-Class Retiree Could Spend $8,000 Or More A Month At This Age

The average person over 75 spends about $4,400 per month in retirement, per the U.S. Bureau of Labor Statistics. However, if you're affluent, this probably doesn't apply to you. While some of your expenses may decrease in retirement, such as housing and commuting costs, others, like healthcare, are likely to increase. In addition, if you're an upper-class retiree, you will likely want to maintain the lifestyle you are accustomed to, which could significantly add to your costs. So, what should you expect to pay each month? For an affluent 83-year-old retiree, your monthly spend will likely be at least $8,000 — and depending on your circumstances, it could be a lot higher.

Lifestyle, healthcare, and long-term care are all factors that will impact how much you'll spend each month in retirement. While you may have paid off your mortgage by the time you hit 83, recurring costs from property taxes and home maintenance will continue to add up, especially if you live on a pricey property, perhaps even located in one of the more expensive states to retire in. You may also have a second home in the mix, which could add considerably to expenses. In a study by First Citizens Wealth on affluent Americans, 44% said that maintaining their lifestyle was their primary concern. Depending on whether you're into luxury vacations, spending your days on the golf course, or eating out at nice restaurants, lifestyle and activity costs can have a major impact on your budget — even pushing monthly expenses as high as $12,000 a month.

Healthcare costs are a major cost contributor in retirement by the time you reach your 80s. If you're affluent, and used to certain standards of care, these costs can be significantly higher. While you're eligible to receive Medicare starting at 65, upper-class retirees may be looking for more than the standard plan offers, such as a larger network of specialists, global healthcare options, or even concierge medicine — which could cost upwards of an additional $20,000 a year. In total, these additional services could result in costs that are much higher than the average retiree incurs.

Long-term care can also be another significant expense. The median price for in-home care is more than $6,000 per month, while the price for a private room in a nursing facility is nearly $10,000 a month, per Genworth and CareScout data from 2024. If you require memory care, expenses can skyrocket. Expect to pay at least $3,000 for a room in a specialized facility, and substantially more for higher-end places, per The Moments. The cost of care is at least $4,500 a month to cover basics, such as help with meals and dressing. Plus, there are a host of à la carte services and medicine management, which can add another $3,000 or more to your monthly bill. Even if you're upper class, make sure to account for all of the potential expenses you could face later on to ensure you can maintain your retirement lifestyle throughout your golden years.