34% of Retirees Spend More Than They Budgeted, a Survey Says
When we're young, many of us envision retirement as a time of freedom and relaxation after decades in the workforce, but this isn't always how it goes. Retirement means life on a fixed income: an income you essentially guess at based on your goals and estimates of inflation, life expectancy, and investment growth. Optimism is usually an admirable quality, but when it comes to retirement planning, it can set you up for hardship.
About one in three retirees spend more than they expected they would when they first retired, according to the Employee Benefit Research Institute (EBRI) 2020 Retirement Confidence Survey. One in 10 said they were spending much more than they'd anticipated. For these individuals, watching the savings meant to last them the rest of their lives dwindle year after year, retirement is anything but relaxing.
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Source Fool.com