Was retirement what you expected?

The Global Atlantic retirement study completed last year had some interesting findings. 

Our Findings

Nearly two in five U.S. retirees are spending more then they expected and just under one-half of pre-retired consumers believe planning for retirement is more difficult for them than it was for their parents.

We also examined retirement spending among those with additional sources of income. We found that retirees collecting income from pensions or annuities are able to sustain significantly more expenses than those who do not.

The risk of running out of money is real and the want for an enjoyable retirement is also real. The findings show that the need is growing for Americans not just to accumulate enough money for retirement. but to have a guaranteed income stream throughout retirement- regardless of how long retirement lasts.

Retirees are cutting back on discretionary expenses

While the typical non-retired U.S. consumer over the age of 40 spends $2,993 a month, on average, the typical retiree spends 32% less ($2,008). Most common areas where retirees are spending less than pre-retirees include discretionary expenses such as:

Planning Regrets

The fact that retirees spend less than non-retirees may not be by choice, as more than half (55%) of retirees have retirement planning regrets. Top 3 Regrets

•  36% Did not save enough

•  20% Relied too much on social security

•  12% Did not pay down debt prior to retirement.

Methodology

The Global Atlantic retirement study was completed online among a random sample of the general U.S. population aged 40 and older. A total of 4,223 consumers participated, equally representing retirees and individuals not retired. The margin of error when reporting on the total sample of retirees and individuals not retired is +/- 2.1 percent at the 95 percent confidence level.