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Source: istock

Man plans to retire to Holiday Inn instead of nursing home because it’s cheaper


Retirement is expensive. According to the latest Bureau of Labor Statistics data, households that are 65 or older spend an average of $45,756 per year, or roughly $3,800 a month. That's just $1,000 short of the average spent by all U.S. households combined. And considering that a GoBankingRates survey found 57 percent of Americans have less than $1,000 in savings, people are looking to save money wherever they can.  

Terry Robinson, from Spring, TX, has a pretty clever plan for the next stage in his life. Instead of heading to a retirement community, he's going to spend his twilight years at a Holiday Inn—and it'll be cheaper.