(Shutterstock)
More than a quarter of retirees are spending more than they can afford due to the pressures of inflation, and many do not understand common retirement income strategies, suggesting a need for more financial education and resources from employers and advisors, according to a new survey.
Retirees who say that their spending levels are much higher or a little higher than they can afford reached 27% in the survey of approximately 2,000 American retirees between the ages of 62 and 75 by the Employee Benefit Research Institute, a nonprofit resource organization focused on employee benefit programs in the United States. That is up from 17% in 2000. Meanwhile, approximately 9 out of 10 retirees who have decreased their essential or discretionary spending since the COVID-19 pandemic started say that it is due to their concerns about inflation.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
