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Insurance is hardly a minor household expense, either. According to the 2011 survey of consumer household expenditures by the U.S. Department of Labor, average after-tax income of households led by people age 65 and older was $42,326, and they spent $39,173 during the year. Of this amount, health insurance spending averaged $3,076, car insurance cost $894 and $280 was spent on life insurance and other types of personal insurance.
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