(Shutterstock)

More than a quarter of retirees are spending more than they can afford due to the pressures of inflation, and many do not understand common retirement income strategies, suggesting a need for more financial education and resources from employers and advisors, according to a new survey.

Retirees who say that their spending levels are much higher or a little higher than they can afford reached 27% in the survey of approximately 2,000 American retirees between the ages of 62 and 75 by the Employee Benefit Research Institute, a nonprofit resource organization focused on employee benefit programs in the United States. That is up from 17% in 2000. Meanwhile, approximately 9 out of 10 retirees who have decreased their essential or discretionary spending since the COVID-19 pandemic started say that it is due to their concerns about inflation.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.