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Source: iSTOCK

Man Plans to Retire to Holiday Inn Instead of Nursing Home Because It’s Cheaper

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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. 

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Source: iSTOCK