Many current retirees are caught in a financial vortex of rising inflation and economic uncertainty that is putting their savings to the test. Just more than half are living on less than 50% of their preretirement annual income, the Goldman Sachs Retirement Survey & Insights Report 2022 found.

"The current environment is driving considerable uncertainty for retirees," said Greg Calnon, head of multi-asset solutions at Goldman Sachs Asset Management on the Goldman Sachs webinar held on October 11 to discuss their findings. "And those living on less than half of their pre-retirement income are particularly vulnerable. Spending needs are primarily elevated due to high inflation; fixed-income portfolios are under pressure due to rising interest rates; and equity portfolios have declined notably as the markets try to assess the impact of a potential recession. We believe these challenges raise concern for retirees regarding how much they can spend and how long their savings will last."