12 New Findings on Spending in Retirement
November 21, 2024 by Michael S. Fischer
Lack of sufficient savings, inflationary pressures and rising credit card debt are contributing to dampened spending by retirees, according to a new study from the Employee Benefit Research Institute.
“Compared with 2020, fewer retirees indicated that they would spend down all or a significant portion of their financial assets over the course of their retirement,” Bridget Bearden, an EBRI research and development strategist, said in a statement. “These spending constraints contribute to declining levels of well-being in retirement, with retirees rating two out of three well-being measures lower in 2024 than they did in 2020 and 2022.”
Wink’s Moore on the Market: Most people retire earlier than planned.
This is usually due to health problems or layoffs.
The share of retirees with credit card debt has surged.
HALF of retirees say they under-saved.
Satisfaction of life in retirement is dropping.
Problematic…how can we change this? -sjm
