NEW YORK—Retirees are increasingly rethinking their financial strategies and lifestyles as the traditional perceptions of retirement evolve, according to new research.
Drawing from its ninth annual Advisor Authority study, Nationwide reported that 31% of retirees anticipate feeling less secure in their retirement compared to previous generations, Investment News stated in its analysis.
“This uncertainty is compounded by ongoing financial obligations,” the report stated.
The Findings
Other findings in the survey:
- 22% of retired investors are concerned about affording their monthly expenses
- 26% of retirees continue to pay off their mortgage
- 25% are still dealing with credit card debt
“The picture of life after retirement has changed for many people as economic stressors continue to weigh on retired investors,” Mike Morrone, vice president of Nationwide Annuity Business Development, said in a statement.
Making Adjustments
Beyond the spending shift that comes with retirement, many retirees are making adjustments in the face of economic headwinds. The survey also found:
- 39% of retirees are reducing spending on entertainment
- 34% are cutting back on travel
“To meet financial needs, 22% of retirees are drawing more funds from their retirement accounts, intensifying the traditional decumulation phase,” Investment News added.