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.

$\backslash$table$[[,$Age $65-74,$Age $75$ & Older$],[,\backslash$table$[[$Average$],[$$Amount$]],$Percent,$\backslash$table$[[$Average$],[$$Amount$]],$Percent$],[$Pretax Annual Income,$$52,366,100,$$$35,467,100],[$Annual Expenditures,$$48,855,100,$$$36,673,100],[$Housing$,$$$15,838,32\mathrm{.}4,$$$13,375,36\mathrm{.}5],[$Food$,$$$6,284,12\mathrm{.}0,$$$4,349,11\mathrm{.}9],[$Clothing$,$$$1,417,2\mathrm{.}9,$$$683,1\mathrm{.}9],[$Transportation$,$$$8,338,17\mathrm{.}1,$$$5,091,13\mathrm{.}9],[$Health Care,$$5,456,12\mathrm{.}2,$$$5,708,15\mathrm{.}6],[$Entertainment$,$$$2,988,6\mathrm{.}1,$$$1,626,4\mathrm{.}4],[$Pensions and Social Security,$$2,788,5\mathrm{.}7,$$$800,2\mathrm{.}2],[$Other$*,$$$6,074,11\mathrm{.}6,$$$5,041,13\mathrm{.}7]]$

Calculate approximately how much money an older $($age $65-74)$ household with an annual income of $$47,000$ spends on health care each year. Use Exhibit $14-3.$

Money spent on health care