The daily grind can wear away at a worker’s wallet. But when you exit the workforce, much of the money you otherwise would have spent on getting to and from work will remain in your pocket.
Indeed, U.S. households overall spend an average of $9,735 a year on transportation — costs such as vehicles, gas and insurance — according to the Bureau of Labor Statistics’ latest data on consumer spending.
However, as we recently reported in “Here Is How Much American Retirees Spend in a Year,” households led by someone who is 65 or older spend an average of $7,472 per year on transportation. That’s a savings of more than $2,200 annually.