NOT-SO-GOLDEN YEARS: Inflation top concern among retirees managing finances, survey shows
Mendon Capital Advisors president and CIO Anton Schutz discusses the U.S. economy ahead of the September jobs report.is leaving many retirees concerned about their finances, according to a survey released Wednesday by Goldman Sachs Asset Management.cited inflation as their greatest concern , followed by future healthcare , potential reductions in future Social Security benefits and running out of money . Each of those percentages has increased since Goldman's last retirement survey in 2021.
"A clear theme from our findings is retirement income uncertainty," said Mike Moran, Senior Pension Strategist at Goldman Sachs Asset Management. "We believe this uncertainty is changing retiree behavior in hopes of preserving their savings for longer, including a surge in interest for part-time work in retirement and lower overall spending."
About 51% of currently retired respondents reported living on less than 50% of their pre-retirement annual income, including 29% who report living on 40% or less. Only 25% of retirees surveyed generate what many estimate as the amount needed to maintain their standard of living — 70% or more. Among surveyed retirees, 42% are spending less in retirement than anticipated, compared to 31% who are spending what they expected and 22% who are spending more.
In comparison, just 34% of millennials and 27% of Gen Z respondents reported being behind schedule in their retirement savings, and 31% of each group said they were "very confident" they will meet their retirement goals.
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