A retiree's age can be related to how much they spend — and nearly half of retirees say they retired earlier than expected.

A new part from Go Bank rates with statistics from Bureau of Labor Statistics (BLS) shows a difference in the spending of young and old retirees and reveals the average income of those reaching retirement age.

BLS data showed that younger retirees between the ages of 65 and 74 had more spending on average, at $4,870 per month than those 75 or older, who averaged about $1,000 less at $3,813 per month.

The overall average for spending among retirees was $4,345 per month or $52,141 annually. This number is below the average annual income for retirees, which US Census Bureau settled at $75,254, but higher than the median income of $47,620 found by the Census Bureau.

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A 2023 survey by Employee Benefits Research Institute (EBRI) showed that although workers are more likely to say they expect to retire at age 70 or older, the data show that the average age for retirees is 62 and the median is 65.

Nearly half of retirees (46%) indicated that they left the workforce earlier than they intended, due to health problems, disabilities or changes in their company.

Only 35% of people who retired earlier than planned said they did so because they could afford it.

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