Here’s how much an average retiree spends each month

Retirees in Canada spend on average $2,400 each month with housing the largest single cost. A study by BMO Financial Group reveals that average costs for a mortgage or rent and associated fees is $688 with bills, transportation and clothing the second highest expense at $581. Food including eating out adds up to $442, there’s $282 for travel, $167 for entertainment and $151for medical expenses. This all adds up to $28,000 each year. More than half of respondents say that have spent at least $10,000 on single items; 41 per cent have bought a vehicle, 22 per cent have undertaken home renovations and 11 per cent have gifted money to relatives.