Thirty-nine percent of retirees have found themselves spending more money than they had expected before they retired, according to a study by the Global Atlantic Financial Group.
Among areas where retirees spend less, it said based on a survey of more than 4,200 persons split between retirees and non-retirees over age 40, are entertainment, dining out and travel, down 29, 24 and 18 percent, respectively. Those are leisure areas many retirees anticipate spending more on when they retire, not less.
More than half of retirees further said they have regrets about their retirement planning, including not saving enough (36 percent), relying too much on Social Security (20 percent) and not paying down mortgage and other debt first (12 percent).
Pertinent to federal employees, however, it said that retirees with employer-sponsored retirement benefits are significantly less likely to have regrets—43 percent versus 65 percent who don’t have such benefits.
“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 guaranteed income stream throughout retirement—regardless of how long retirement lasts,” it said.