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Unsurprisingly, the study found that people with pensions or annuities can afford significantly more than those without. The average retiree with a pension spends 39 percent more than those without a pension ($2,379 compared with $1,709), and just 20.5 percent less than preretirees. (Photo: Shutterstock)

So much for the notion that it will cost less to live in retirement.

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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