How to Avoid Overspending in Retirement

by Securities America

With the recent challenges in the U.S. economy, particularly in the housing and financial sectors, many pre-retirees are concerned their nest eggs won’t be enough to maintain a comfortable retirement.
Despite that concern, many Americans within sight of retirement have expectations that don’t match their actions or reality.

  • 43 percent of Americans have less than $10,000 saved for retirement.
  • 59 percent expect to receive a pension but only 41 percent can actually
    identify a pension to which they are entitled.
  • Pre-retirees (age 50-59) expect to live about 21 years after retirement and
    plan to spend almost 10 percent of their savings in each of those years.
  • 80 percent expect their standard of living to rise in retirement.
  • 47 percent of retirees have a written withdrawal plan and only 28 percent have a written budget for spending during retirement.
  • 49 percent of Americans are somewhat or very confident they have enough money to live comfortably throughout their retirement years.

Read the full PDF article by Securities America.