This article confirms that retirees spend LESS than they’ve been lead to believe in retirement.
Also, it goes on to state that the cognitive and physical limitations for current retirees are much lower than they were for retirees 50 years ago.
So, longer lives, less physical and cognitive impairment combined with a savings deficiency should indicate a “crisis”, no? Well, no.
“Fellowes: The average retiree cuts their spending by about 2 percent every year throughout their retirement. The biggest drop over time is spending on lifestyle expenses, like travel, apparel and entertainment; but, essential spending on transportation and housing falls too, as retirees pay off their mortgages…Healthcare is one of the only expenses that tends to increase through retirement, although it tends to increase increase incrementally for nearly all retirees. “
Yet, what do most retirement projections show??? That we’re all going to RUN OUT OF MONEY if we don’t start saving more!
Moral of the story? Relax and enjoy your days you are given. Stop worrying so much! Could it possibly be there is an incentive for the money managers to encourage your worry so that you’ll send more money their way for them to manage???