Calculate approximately how much money an older (age 65-74) household with an annual income of $54,000 spends on health care each year. Use Exhibit 14-3. Money spent on health care Exhibit 14-3 How "Average" Older (65-74 and 75+) Households Spend Their Money Retired families spend a greater share of their income on food, housing, and medical care than nonretired families. Age 65-74 Age 75 & Older Average Average Percent Percent Pretax Annual Income Annual Expenditures Housing $ Amount $52,366 $ Amount 100 $ 35,467 100 $ 48,855 100 $ 36,673 100 $ 15,838 32.4 $ 13,375 36.5 Food $ 6,284 12.0 $ 4,349 11.9 Clothing $1,417 2.9 $ 683 1.9 Transportation $ 8,338 17.1 $ 5,091 13.9 Health Care $ 5,456 12.2 $ 5,708 15.6 Entertainment $2,988 6.1 $ 1,626 4.4 Pensions and Social Security $2,788 5.7 $ 800 2.2 Other* $ 6,074 11.6 $ 5,041 13.7