Seved Calculate approximately how much money an older (age 65-74) household with an annual income of $42,000 spends on housing each year. Use Exhibit 14-3 Money spent on housing Apps M Gmail YouTube Maps GE News Translate a Amazon.com: Onli... 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. a Pretax Annual Income Annual Expenditures Housing Food Clothing Transportation Health Care Entertainment Pensions and Social Security Other Age 65-74 Average Percent $ Amount $ 52,366 100 $ 48,855 100 $ 15,838 32.4 $ 6,284 12.0 $1,417 2.9 $ 8,338 17.1 $5,456 12.2 $ 2,988 6.1 $ 2,788 5.7 $ 6,074 11.6 Age 75 & Older Average Percent $ Amount $ 35,467 100 $36,673 100 $ 13,375 36.5 $ 4,349 11.9 $ 683 1.9 $ 5,091 13.9 $ 5,708 15.6 $1,626 4.4 $ 800 22 $5,041 13.7 *Includes cash contributions, alcohol, tobacco, personal care products and services, reading, education, life and personal insurance, and me Source: Ann C. Foster, "A Closer Look at Spending Patterns of Older Americans," Beyond the Numbers: Prices and Spending, vol. 5, no. americans htm, accessed March 19, 2020