Problem 14-4 (LO14.1) Calculate approximately how much money an older (age 65-74) household with an annual income of $55,000 spends on housing each year. Use Exhibit 14.3 Morvey spent on housing AGE 65-74 AGE 75 & OLDER 3 der Average $ Amount Percent Average $ Amount Percent Pretax Annual Income $52,366 100 100 $35,467 $36,673 $48,855 100 100 $15,838 32.4 $13,375 36.5 a ncome medical amilies. $ 6,284 12.0 $ 4,349 11.9 $ 1,417 2.9 683 1.9 Annual Expenditures Housing Food Clothing Transportation Health Care Entertainment Pensions and Social Security Other $ 8,338 17.1 $ 5,091 13.9 $5,456 12.2 $ 5.708 15.6 6.1 $ 1.626 4.4 $2.988 $ 2,788 5.7 $ 800 2.2 $ 6,074 11.6 $ 5,041 13.7 Includes cash distribution, alcohol, tobacco, personal care products and services, reading, education, life and personal insurance, and miscellaneous expenses. Source: Ann C. Foster, "A Closer Look at Spending Patterns of Older Americans." Beyond the Numbers. Prices and Sendine vol 5. no. 4 (US. Bureau of Labor Statistics, March 2016), https://www.bls.gov/opub/btn/volume/spending