Unsurprisingly, the study foundthat people with pensions or annuities can afford significantlymore than those without. The average retiree with a pension spends39 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.

With 39 percent of U.S. retirees spending more than theyexpected now that they're out of the job and 49 percent ofconsumers age 40+ believing that planning for retirement is tougherfor them than it was for their parents, it would seem that whatmight have appeared a slam-dunk is actually something quitedifferent.

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Marlene Satter

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