The Average Middle-Class Grocery Budget at Age 70 vs. 80
If you expect your grocery bills to shrink in your 70s and 80s, the reality may be more complicated.
Smaller households may buy less food, but delivery costs, prepared meals and specialty diets can still keep grocery spending high.
Here’s what the average middle-class grocery budget can look like at age 70 versus 80.
Grocery Costs Stay High
Grocery spending often falls less dramatically between the early and later retirement years than many households expect.
While smaller households and reduced appetites can lower food spending over time, grocery budgets are still being shaped by rising food prices.
The latest Consumer Price Index (CPI) report showed food-at-home prices rose 2.9% over the past year, including higher costs for staples like fruits, vegetables and beverages.
That can make even smaller grocery trips feel more expensive for retirees living on fixed income.
Grocery Shopping in Your 70s
For many older adults, grocery shopping in their 70s still looks fairly similar to the years leading up to retirement.
Households may still be shopping for two people, cooking meals regularly at home and buying the same staples they have purchased for years.
Recent U.S. Department of Agriculture (USDA) Food Plans data shows grocery costs do not always decline sharply between the early and later retirement years.
On the USDA’s Thrifty Plan, women ages 71 and older were estimated to spend about $255 a month on groceries, compared with $231.70 for women ages 51 to 70. Men ages 71 and older spent about $263.30 monthly, versus $276.10 for men ages 51 to 70.
What Changes by Age 80
By age 80, grocery budgets often become smaller, but the savings are not always as dramatic as many households expect.
According to U.S. Bureau of Labor Statistics (BLS) consumer spending data, households ages 75 and older spent an average of $4,321 a year on groceries, down from $5,432 for households ages 65 to 74. Smaller households, fewer large grocery trips and simpler meal routines can all contribute to lower overall food spending later in retirement. That can make grocery spending feel more manageable by age 80, even as food prices continue rising.
The Hidden Costs
Even when grocery budgets shrink later in retirement, healthy eating can still come with higher costs.
The National Institute on Aging (NIH) recommended older adults focus on nutrient-dense foods including fruits, vegetables, whole grains, low-fat dairy and protein foods.
At the same time, the latest CPI report from the BLS showed prices for fruits and vegetables rose 6.1% over the past year. That can make healthy grocery shopping feel expensive even as households buy less food overall.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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