In this case, let’s assume you have a two-person household. As the question states, you have $4,500 per month in Social Security benefits and a $1.5 million IRA balance.

Housing and household expenses make up the largest portion of our living expenses at $1,784 per month, combined. We spend an average of $412 per month on groceries, which is 68% of our monthly budget ...

As of March 2024, the USDA recommends a family of four on a thrifty budget spend $976.60 monthly and $1,585.20 for a liberal budget. ... 10% for a household of two people, ...

And in 2013, the average American household spent about 10% of its total budget on food, according to data from the U.S. Bureau of Labor Statistics. The average amount of money spent on food per U.S.

Household income data reported in this study are adjusted for the number of people in a household. That is done because a four-person household with an income of, say, $50,000 faces a tighter budget ...

If their household income was $55,000 per year, they'd actually be spending $96,500 — $41,500 more than they made! That means they're spending 175% of their annual income!

Find Out: 10 Top Items To Buy at Aldi With a $50 Grocery Budget. For You: ... “My elderly mother and I constitute a two-person household and boy, do we love Costco.