2022 Spending in Retirement Survey: Understanding the Pandemic’s Impact

The second Spending in Retirement Survey was fielded during the summer of 2022. Nearly 2,000 American retirees between the ages of 62 and 75 were surveyed to assess how spending patterns and retirement well-being have changed since 2020.

Some of the key findings include:

Overall, more than half retired earlier than expected. The most common reasons for retirement were the ability to retire from an affordability standpoint (29 percent) and having a health problem or disability not related to COVID-19 (21 percent).
Similar to 2020, 7 in 10 said Social Security is a major source of their income.
Approximately half of retirees said they spend less than $2,000 each month, while 1 in 3 spend between $2,000 and $3,999 each month. Sixteen percent spend between $4,000 and $6,999, with only 3 percent spending $7,000 or more each month.
On average, retirees reported that nearly a third of their monthly income goes towards housing expenses. The second largest reported expenditure was food.
Retirees were more likely to report that their spending is much higher or a little higher they can afford in 2022 (17 percent in 2020 vs 27 percent in 2022). Black and Hispanic retirees, as well as those in the lower annual household income brackets and those with poor self-reported health status, indicated their spending is higher than they can afford.
Among those who decreased either their essential or discretionary spending since the pandemic, the most common reason cited by roughly 9 out of 10 retirees was concern about inflation.
Overall, approximately 7 in 10 retirees said they have three months of emergency savings. Black and Hispanic retirees, those in lower annual household income segments, those with low financial knowledge, and those with poor self-reported health status were less likely to report they have three months of emergency savings set aside.
On average, retirees rate their satisfaction in retirement as 7.0 in 2022, compared with 7.4 in 2020 (on a scale of 1 to 10). Similarly, retirees rated their alignment of life in retirement with expectations with an average 6.4 in 2022, down from an average of 6.8 in 2020.
Retiree segments who reported lower senses of well-being across the measures of standard of living, alignment, and satisfaction included those without defined benefit or other annuity income, those with low financial knowledge, those not using a financial advisor, those who are not married, and those who are female.

EBRI was able to fund the development of this research thanks to generous support from EBRI’s Retirement Security Research Center, Alliance for Lifetime Income, LGIMA, and Edelman Financial Engines.

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BRI , 14 sa t p t me o he etrsa is d cre ic fa e ynt a t c ir tl d t ha e ion a of e e t b m se tthe ont tg ( 25 37 y m hly sa e p nt pv e espe s t e rrc d ce e ha m nt nding nttu a in 202 sh cn h d a .le r 21 e ss d2 p ,m t ha e aor rs c c n w e e om nt pa osit , s ne p re aiv spe ree ed d p ce w ted iv it r. c e h e ly p 31 )t.ions per c of ent lif e in 202 in ret0. ireOv me ent ra ll, r based etir eon es st ra atnda ed trhe d of ir sa livting, isfaca tion w lignmit eh nt, Retirement Spending: Alignment With Preretirement Expectations $3 less 0,00 like 0 ( ly 69 to r pe ep ror cetnt the ), a ynd hat vhose e at le wa itst h a thr pe oor se e mont lf-hs re pof ore te m de he rga elt nc h st y sa atvus ings se (78 p t earsi ce dnt e. ) Ov we erre a ll m , or apep r lik oxim ely a to terly e p1 orin t t5 hey 73% No Debt An Easily Manageable Level of Debt A Manageable Level of Debt October 6, 2022 • No. Ag 5 e72 Much Less Than You Can Afford Figure 3 Re lating to employer-sponsored defined benefit retirement plans, 35 percent of retirees said they are a major source of 70% a lifnd e in r E sa m te is ptloy fa irecm e t20 ion ee 20 nt Be in ne w cit lude fit h a 7% Re d n a sea those verrcah I gw ens it of h d tit7 ut ein 202 fin e-e E 38% d d uc b 2e , ane tdion a ow fit n fr or nd ot oRe m he sea a r n a annu rc vh Fund eritayg inc e of om (E7.4 Be RI 34% , in 202 t -hose ERF), 2 w or . it h the high ir stfin aff as. N nciael kn 20% ithe ow r Ele Bd RI ge no , trhose re ret tir ire ed es h eaa rlie ver etxpe han e riexpe ncec dt eun d e axpe s com ctep da r ee xpe d w ns ith es si thenc ir e non tF he i-g B yu ’la vre e ck r1 , e0 highe tired. rSp -inc ec om ificea, lly and , 29 he pa elt rc hie ent r c sa ount id h eousi rparng ts. c osts were Do Not Feel Spending Down AssetMu s Is c N h Mo eces res Tha ary n Expected 36% Somewhat More Than Exp 42% ected 23% 70% An Unmanageable Level of Debt A Crushing Level of Debt Figure 13, Average Monthly Spending by Expenses ................................................................................................ 14 Introduction A 62–64 wareness of Income Strategies Figure 17 Upon Retirement T22% ransition inc A mom ong e , the 19 73 pe rp ce ent rce sa ntid of the retyir a er ee s a w m ho Ainor boh ua t W dsour ha ac t c W c e ae ss s E of x to pe inc c the teom d se toc , aknd m Sa 46 om rk ee p wha te, ra c t L e p ent p ssr Tha oxim said n E a txhe tpe ec ly se ted 1 pin lan ty 4 (26 pe s a perrc ee not nt) rae trir ee tir ee s ment EBRI-ERF lobbies or takes positions on specific policy proposals. EBRI invites comment on this research. using an advisor, and married retirees. more than expected, and M 27 o p se t rIc m ent po sa rtid an the t F ye ha atd u r he es alt ih n c aa rR e e ne tir ee dm s a ebn ov t Ien no co rm ma el e Sxtp re ans tee gsy , a finding consistent with Much Less Than Expected 62% The Spending in Retirement Sur Percept vey was fie ion lde of d th dur e ing Am thou e su nm t m Sav er ed of 2022 for . Ret Thiiremen s secondt iteration of this survey sought 70% follow inc omed e sour thec st e. oc Ma k r m rie ardk 65–69 e re t tw ire ite h a s a m nd od those eratew oit r h high highe fre r qaue nnua ncyl inc , and om 1 ein s w 5 e(r20 e m por ere c elik nte )ly follow 41% to reed por tthe d est fin oc ek d m be an rk ee fit t plans Figure 27 Fi The gurm e ost 14 , cW om he m n Y on our rea sons Invest for m ernt ets L irem ose ent Va wlue ere t o the Ma arb kili ett yL oss to r e or tir D e o frN om ot a Pn a rodff uc or ed a as M bilituc y st h I andp ncom oint e D (2 ue 9 tpo erLcow ent e)r and Figure 28 2022 Spending in Retirement Survey: Understanding the an ea60 rlie %r 20 fin 22 ding relating to highe 39%r-than-expected costs in retirement 40% . 13% 8% (Average rank) Want to Leave as Much as Possible for an Inheritance 36% 30% 34% 100% to unde 202r 0stand retirees’ expectations leading into retirement and realities of retirement, including their financial oc as b cae siing ona 20 ally 2% 22 m . 54% a Aj5% long or sour wit ch th e of 29% is, in 22% c49 om pee r in r cent et ir of em reetnt ire .e Is n 2022 said tha , fe t w the er yr e a 56% tlw ire ae ys r s or e69% p us ortua edlly tha ad td a bdaecfin k te o dsa be vne ings w 11% fit orhe trn th 6% adite iona ir l Alig 70–71 nment Between Current Life in Retirement and Expec 14%tations I ha ntv eing resta Ra heta elt s, D h po rob You lem Te or nd dis To...? abilit ................................ y not related to COVID ................................ -19 (21 percent). Blac ................................ k and Hispanic retiree....................... s were more lik e15 ly Much More Than W Satisf as Neeact ded ion A Li W ttle ith Mo rLi e Tha fen W inas Ret Neede iremen d Aboutt the Right Amount Suggested 6% Citation: Bearden, Bridget, “2022 Spending in Retirement Survey: Understanding the Pandemic’s 9% 8% Pandemic’s I10% mpact 51% 2022 2% Pr 10% ovides Access to Money 44% 13% 30% 2.4 13% 2022 4% 42% 43% 9% 2% situation, trusted information sourc15% es, and overall satisfaction with life in retirement. Like EBRI’s Retiree Reflections C inv peo ns enc st ion p mlus ent las g ion n w aa in v s aa m lue a jor from so ur mc ae r kof et in rectom urns e (or 35 p p rod ercuc ent e )m , or com e inc parom ede w d itue h 20 to 22 highe (41r pint ere ce re nt st) . ra Re teg sa (rFi ding gure e m 14 p) loy . Ie n r- 58% A Little Less Than Was Needed Much Less Than Was Needed t Re o trir ee pe or 90 s w % t he eraelt h p mor re ob lik lee m ly >s = ta 7 o s 2rte he po r re t a long son for er lif ree teir xpe ing, cta atnc aie pp s in 202 roximat2 a elys c 30 om pe pra creent d . w ith 20 24% 20. While 18 percent of 60 50 % % 9% 21% Impact,” EBRI Issue Brief, no. 572 (Employee Benefit Research Institute, October 6, 2022). 46% Afraid of Running out of Money 9% Figure 15, Do You Feel Your Current Spending Level Is...? ................................ 43% ................................ 24% 33%..................... 16 45% 44% Guarantees an Income Stre3 aor Les m fors Life4 Through 7 8 or Higher 3.2 3 or Less 4 Through 7 8 or Higher Survey fielded in 2022, this survey was fielded 13% post-COVID-pandemic during a time of market and economic 43% challenges sponsor r esponse e dt o de afin sim edila cront que ribut 11% stion, ion a re sk tir ing emaeb nt out p la wns ha , t36 ha p pe precn es w nt rhe epn inv orted e st the me y natrs g e a a in v maja or lue or , 46 minor per c sour ent csa e id of tinc hey om us eua , lly 34% By retir Bridg ees hae d tlif Bea e expe rdc etn anc , Ph.D., ies of 79 E ymplo ears or ye ye oung Ben er e (fi sim t R ilae r s to ea 20 rch I 20) ans nd titut 50 pe e rcent said they expect to live until 80 The 2022 Spending in Retirement Survey reveals that certain measures of retiree well-being have stagnated or declined 13% 38% 80% 40% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Keeps up With 13% Inflation 3.3 inc Blaluding ck and high Hispinf anic la trion a etirend es w ree creess eiona ach mor ry fee a rtsha . n twice as likely to report starting their retirement with less than w orhil alw e C 40 o m ap % yor s spe ye rig tha h nt In d n ha less form lf (6 whe 4a ti p n t e orhe n ce :ir nt T inv his ) sa erid st ep m tor he et nt yis s lo a c re op se not yrvight a a lue sou e d d ue rbcy e t to of he m r E e at m rir kp e eloy m t loss ee nt e inc B or e ne om do fit e not . Re p sea rod rc uc h I e ns as m tituuc te h inc (EBRI om ). eY d ou uem ta o y si Fi to nc g89 ur e e ty he 16 ea r , psL a ( e nde d vow el o m n fr ic f D . om Sp iffic e 54 c ult ifi y cp ae Ally rss c, e et nt ss he ing in 202 avB er udg a0) ge ,e m tr ................................ aor tings for e retire a es e lignm xpe ec nt ted a................................ nd to sa livte is t fa o ca tion nd p ha asvte a d g................................ e ec 90 line . d R oug sinchly e 20 1 20 in , 3 w(hil ....... 32 e 16 Gender48% 54% 50% Saving Assets for an Unforeseen Cost Later in Retirement 44% 40% 17% 70% Keeps Fees Low 17% 3.6 $25,000 in assets compared with the overall sample’s 16 percent. The differences become more pronounced when low er interest rates. 45% copy, print, or download this report solely for personal and noncommercial use, provided that all hard copies retain percent) expected to live to age 90 or older in 2022, up from 28 percent in 2020 (Figure 24). (For comparison, the m ore 20 r22 etiree7% s 20r 20 epor 4% te 11% d that spe 19%nding has incr 36% eased and is higher t 59% han they22% can afford. Inflation ap24% pe 14% ars to be 4% a major Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. 2022 16% 42% 42% Male 45% 2022 10% 37% 53% Figure 17, Perception of the Amount Saved for Retireme Figure nt ................................ 6 ..................................................... 17 Mor e retirees said per Psona rotecl r tse F tir ro em m e M nt ar k sa etv V ings o olatilirt yinvestments outside of an individual retirem 3e .9 nt account (IRA) or looking 30% at current assets in retirement, where A 46 T pe rce A nt of G BlaL ck A retN ireeC s aE nd 43 percent of Hispanic retirees reported any and all copyright and other applicable notices contained therein, and you may cite or quote small portions of 60% d 2019 riverp of eriod the lif meis taalignm ble for ent the be Soc tweia en e l Se xp cur ec itty a tp ions opula and tion u reased lity, in t a dhe oub 2022 le-ed Tr geus d tswo ees rR d etp ha ortt undo indicubte atedd e ly xpe inccrte ea dses lifea ctual 16% Female 55% 23% 59% Types of Debt Outstanding 11% 40% Concern About Inflation 53% 49% 36% 15% workplace retirement Psa rov vings p ides an la O np w po ars a tun isour ty forc e G rof owinc th ome in 2022 (61 percent) as compared5 .w 0ith 2020 (52 percent). About This Survey 22%Figure 5 currently having less than $25,000 in current financial assets, compared with 22 percent for the overall sample. 4 the report provided that you do so verbatim and with proper citation. Any use beyond the scope of the foregoing e Fixpe gurc et a 18 nc, ie Asss of et 20 Sp .3 ye end-a D 52% row s for n I 62 nte -y nt eions ar-old ................................ males (82 years) and ................................ 23.1 years for 62-ye................................ ar-old females [85 yea ............... rs]). . Bla 17 ck spending but also reduces spending, likely out of a desire to protect future purchasing power. 50% 2020 2% 15% 61% 12% 9% 50% 20% Reasons for Working 60% After Retiring From Primary Career Another 46 20 20 percent of Prre es tir ere ve es s sa Mo id n 45% ea yn fo IrRA an is In h ae sour ritanc ce e of income. Approxim 36%ately 18 percent of 6.10% 5 the samp 9% le was retirees 52% 57% requires EBRI’s prior express permission. For permissions, please contact EBRI at permissions@ebri.org. retirees were 3 times as likely to report a life expectatHa ion o ve 20 f 100 20 Ha ye va e 20 rs or 22 longer (24 percent vs. 8 percent overall). Figure 8 6% Respondents qualified for this survey if they we Tr o a e G arg ea e t s 62 Extent–75 T o S and ome E consi xtent dered themselves “retired, not working” Nearly half (47 percent) of retirees do not do volunteer work and are not considering it. One in three (32 percent) are Fi gure40 19 %, Re 20 a22 sons 6% for Not Spending 21% Down ................................................................ 55% ................................ 14% ........... 4% 18 aged 72 a O nd nce A old sse er ts w Arit e S Sh M o pe u a inc r nt, rcie o t T a :m h lE ey e S m Can t sour p alt o no u yc e s t B e ee s fr B Rec eom nov efered i tt R ax e- sd ee afe rcr hr e In ds tsa ituv tings a e S55% pen cd ciount ng ins R . e Of th tireme ese nt S re utrir ve e 27% y e,s, 20 31 22 .percent 18% said they 30% 48% The second Spending in Retirement Survey was fielded during the summer of 2022. Nearly 2,000 American retirees Sources of Retirement Income 26% 45 10% % or “retired, working part time,” or they had an active labor market status but considered themselves retired from considering it, and another 2022 21 percent say they do volunteer work part or full time. Those with strong self-reported were not taking 43%a required minimum distr 28% ibution (RMD) or were not sure, 50% marking an improvement from 2020 where Report Availability M:a r Thi ries r d eport is available on the internet at www.ebri.org 53% 10 20 0% 20 39% Endnotes 6% 43% 41% 9% 2% 30% Figure 14 42% between the ages of 62 and 75 were surveyed to assess how spending patterns and retirement well-being have Figure 20, Reasons for Spending Down ................................................................................................................. 18 a primary career. The survey sought to understand current financial situation, income sources, sources of health status, those with high satisfaction in retirement (8, 9, or 10 on a scale of 1–10), and those working with a 40% 49 perce I Fe ntel of Bet tte hose r Whee nligib My Ale cc ou for nt Btal he an cq eue s Rst em ion w ain Hige hre not sure (at a time whe Majn th or Soe u rcRMD e Mi ano ge r S w ou ars 70.5 ce ). Of the 69 percent 58% 32% 10% WhenN Y oou t mr Inv arried est , liv m inen g w ts ithLo a p se artV ne alu r e to Market Loss or Do 3% Not Produce 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% changed since 2020. 36% Figure 24 S pe 20 nding % in Retirement 2020 20 0% % 40% 7% 0% 11% 10% 20% 30% 36% 40% 50% 60%21% 70% 80% 25%90% 100% 90% information, and retirem 2020 ent goals and satisfaction. 22% 16% fin ancial advisor were more likely to d 18% o volunteer work. 42% Fi 1 gure 21, Retirement Spending: Alignment With Preretirement Expectations ........................................................... 19 who were aw Ova e20% ra re ll of tBl he acir k RMD Hisp aa nc ictivit My a, rrie the d Not ac M tiv arri it ey d Dis wa sas tisd fieis dtNeu ribut tral (4 ed , Sa am tisfiong ed (8 ,spe Hig nding h M aen dd ium saving. Low Yes No Table of Conte as Much nts 20% Income Due to Lower Interest Rates, Do You Tend To...? The answer “ 0% Have add 10 iti D % oina volr c re esd 20 o ur o %rc e ss e p foa r 30 ra a % n teun d exp 40 ec %ted exp50 ens % e” was 60 no % t an op 70 tion % for 20% the 80% question 90% “To wha 10t 0% extent are 2020 8% 31% Life Expectancy 62% 2020 12% 39% 49% 15% (1, 2, 3) 5, 6, 7) 9, 10) Approximately half of retirees (48 percent) said they spend less than $2,000 each month, while 1 in 3 (33 percent) said 0% 20% 40% 60% 80% 100% 10% 15% Source: Employee Benefit Research Institute Spending in Ret 15% irement Survey, 2022. Som Introd e uc of ttion he ................................ ke20% y findings include: ................................................................ 12% ................................ 10% .......................... 4 the follow 80 ing % reasons you work/have worked in retirement?” in the 2020 Spending in Retirement Survey. Works With a Source: Y Em 21% ou pn lo ge yere Tha Benn 7 efit 0 Resea 70 rch to In 74 stitute Sp 75 e to nd in 79 g in Ret 80 ire to me 84 nt Surve 85 y, to 20 2 89 2. 90 to 94 95 to 99 100 or Older Widowed Figure 9 9% 13% Figure 22, Spending Changes Since the Pandemic .................................................................................................. 20 O 35 ve %rall data are repRac orteed on a we Might aritale Sta d tu b sasis, based on race/ethnicity, income, and gender. The survey 7% included t Ahe my ong spe the nd 53 be tp weere cn $2,00 ent of m 0 a arrnd ied$ r3,99 etire 9 e es,a c 76 h mont percehnt ( Fi rRet e gp ur ior ree mt eed 1 nt 1 Sa )t. ha tisThi fatc tito s m he n ira r spouse ks a Subn jec inc ti vw e2% a Fi re s naar nse e cia tir l Kn fr eom o d w 2% lfor e d20 ge a20 m , ew d1% he ian n 42 p of 9 ye er 2% a ce rsnt . Financial Advisor 10% Sourc 6% e: Employee Bene 2022 fit Research Institute Spending in Retirem 7% ent Survey, 2022. 6% 13% 44% 5% 3% 7% N=450 3% 100% 3% 0% Are You Taking the Required Minimum Distribution? 2 Single, never married 10% About This Survey ................................................................................................................................................. 4 Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. The a n o ansv w eerr sa “Mo mprtg le a of ge39 d6 B ebt”la w ck a sa no nd t 40 an 0o H ption ispanic for the Am e qrue ica sns tion . Unle “Wha ss t k ot ind he r ow f is de eb indic t do y ao te u 6% dha , dva et a o uts rep ta re nd sent ing? a ” in w ethe ight 2020 ed The of rem tirost ees sp com em nton lely ss ctiha ted n $2,00 reasons 0 e for ach mont spousah a l rend tire37 m epnt er c m eir nt ror spe ednt those betwof eetn he $2 la ,000 rger apnd opula $3,999 tion: . tSixt heye e could n pe ra cff ent or dof to 70% • Ove0% rHo all, mor using e 10 He t% ha altn h h ana dlf r 20 Me e %t diir 8% ce ald B ie llsa 30 rlie Re % r ti rem tha en n e t40xpe %Hous ctie ng d. 50The Ca % r Em xpe ost ns60 e sc % Di om scrm etion ona 70 rrye %aS sons upporti for n 80 g% reEtdu ire cm ati90 on ent % wNe ered e 10 it ng he 0% ability Always Spend Less to Make up the Fi gure 23, Reasons for Reduc 30% ed Spending Since Pandemic ..................................................................................... 30% 20 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Re A On bla out atv ing 30 e70 r %at g o peec , r E ha r c xe e pt nge nt ens ire es of es in s r reetd p ir Me is or ec di etrc s ed e a t lriona e30 po rp rty e ed rspe c e ent anding se of w Li tit he fes si h ma ty nc irl em e k ont ting hehly Co p ba sudg ts nde inc , om em ting ic or Re e, g 12 doe pa e c ip s t ris seions r ow ce Sa pe nt , rn a d di sa nd hous ng, id atnot he O ing the y he r e ha Frxpe am 19 ve ilyns inc pe e Co rs rce se (a ts F nt sed fo ig rur sa te id he 1 Pb ir 3 hy udg ) s. icH ae lousi ting ng is Difference Spend saing mp in le R sieze tire of me 1,99 nt S8 urve . Aty 95 . percent confidence, the margin of error is 2.2 percent in a 5% similarly sized random r re et tir ire e e(s in t 31 pe his rc eynt ea ) ra ’s su nd trhe vey y ha said d a the he ya spe lth p nd rob ble etm w eor en $4,00 disabili0 a ty not nd $6 rela ,999 ted, ta o nd COVI 3 pD er-c19 ent ( 20 sa id petrhe cey nt spe ). nd more than 2020 Descripti 90% on of Sample ................................ 19% ................................ 44%............................................................................ 4 to retire from an affordability standpoint (29 percent) and having a health problem or disability not related to 0% Insurance Including Such as Members Children or Support or 0% Source: Em 10 p% loyee Benefit 20 Res %earch6% Institu 30 te% Spending in40 Ret % irement Surv 50 ey % , 2022. 60% 70% 80% 90% 100% 60% Yes, and I Am Spending All of It ne e d W xpe is hil it che re e ns tr m iona ee or s a asy ers a yt ha nor spe pn ha e nding h rc ae rlf of d nt . A of (c b rom e out m tir ont p e 1 in a er hly s esa d 10 in w id c itrom th e he p8 p o e irr w tsp e ed e re cr e nding e som nt inv in 202 e e ra d sely c iff ros ic 0ult ) rs a , ela 44 yn a tin m e p dre rw raa cy it e k h nt iof ng a sa c nnu b aid t udg ea g tl house he oertie y ing s w had v hold a e es a c not is b ions inc out com ha . w Inge n e ha , re w td sponse the he dis ry e c re ree xpe tttiona o ire c ae t e rs sep y dw b it ae r h for atee Figure 240% , Life Expe Sou10 rcc e% t : a Em C nc u plr y or y e ................................ e en Be 20 t n % F efiit n Res an eac rci30 a h In l% sA titu ste s e Sptes n................................ 40 din% g in Ret Mointh rem ly 50 ent % Survey, 20260 2................................. % Vacation 70 s,% 80%................................ Grandchil90 dren % Care 100% ... 21 sample. A N=1 n Gua Ple ,29a 4se rante not ed e per In cteres enta t a g ne ds in t Re he ve rfollow se Mortga ing ge taNo ble n-G s a uaran nd tee cha d rts m Bonda or Ce y not rtifi c to ate tal to 10 O0 d therue to De round ferred R ing etira eme nd/or nt $7,000 each month. Black and Hispa 34% nic retirees were nearly twice as likely (28 percent and 26 percent, respectively) to 3 32% COVID-19 (21 percent). Yes, and I Am Spending Part of It and Saving Part of It in Another Account The answers “Disability income” and “rental income” were not an option for the question “To what extent are the following Retirem 20 e22 nt So Tr ua rcns e: Em it24% ion ploy e................................ e Benefit Research Institute 40% Spen................................ ding in Retirem Pe ay nt me Sun rv ts e, y, 226% 022................................. Cl 7% othes 3% or ............................................ 6 Lifetime Income Dividends From My Automatic of Deposit (CD) Option Plan (DROP) 25% q r le spe e ue ss tirnding st e tha m ion a e n $30,0 nt (sk , 38 m ing a pny e 0r a 0 o c br eout e nt f a p o in 202 nnu rtthe ed a fr hi l house e 0) g qhe , ue ar 23% nd nc -thold ha y4 of 4 p n - Y inc e d es e xp ipp r , a om ce e ning c d I nt e te A rd sa int e m p e id Po xpe or utti tsa the n eg A ns v dy ings e s llha of p s. e It i v nd A for e n A p ing p d no r p eoxim ur c the r ae c n ra ha Aa sed a cv tses, ce ou ely rnt d a is 2 g the 6 e c r36 p e m e tiona ra p cje eor nt rrcit y e y of 17% nt spe of ,r e a nding rts op e irte irees p e( ose sa s54 (6 id dp 7 p te tha o rc ere tre nt c tthe e ir nt e in 202 ye ) s w asa reid i 0) th . 80% missing c So at ue rcg e: or Em ie pls. oy eL ee Be sn s e fitt h Res an e a$ rc2 h 5 In, s0 titu 0te 0 Spending in Retirement Survey, 2022. 22% report that their monthly spe 2022 nding was less than $1,000 compared with the overall sample (15 percent). 17% Repairs, or 51% Jewelry 50 P % roduc Sourc t Suc e: h a Emp s an loyIn eev Bene estmfi en t R t P eso ea rtrc fol h io Institute Spending in Retirem With en drawa t Survley s Fr , 2om 022. Laddering Plans • Similar to 2020, 7 in 10 said Social Se 17%curity is a major source of their income. sources of income for you right now in retire No ment?” in the 2020 Spending in Retirement SurUs veua y.ll y Spend Less to Make up the Figure 25, Financially Prepared for Possibility of Needing Monthly Income Through Age 90 ....................................... 22 18% Satisfaction in Retirement Renovations Annuity My Retirement Plan A g S t Sour spe Ahe r ss m o ey ong a e nding ur tt cd e e spe ip rces s of tthe ha int nd m n $100 I o or 46 - nfor o d sa e f ow p v tI e m ha ings a n int nfor ra ,000 cn e e tion o nt e xp nd nt w in m e ions ho n Re c a inv at tnnu esa d e ion t w st id ir on ae e m l rtm hous e he e ho e nt ousi si nt y n Retir m s d e ila tIe ng hold No o nc crr su t S om e c to a ost u pinc rsed p e e 20 e le s ................................ om m 20 m aend e it e e (nt he Fi nt w he g r m ho ur a to I he lt e n rnc h a e tir 1 h p 8 ly o e o nd )rss . tm in e Ie m n 2022 d cnt e om e spe ia dic ................................ e l o nd atl insu r o , ing 44 d pis ur c p a rc re a n e ha rnc tc a iona se e v ent e ( rt r F a hin of y ig g e spe ur r g e 2 s. e t6 ir nding 2 ................................ e p1 e e)s r. crI e e si n a nt p nc o . d re td Thos etit d he ion, t ha e p a20 tw nde tho he pm e y a ......... r r ic c p ee la , nt tn he 6 Difference $25,000–$74,999 19% 17% • Approximately half of retirees said they spend less than $2,000 each month, while 1 in 3 spend between 4 20 70 % % Re St oir ce iae l s S40 e wc % e urity re a.sk Ac etua d w ria he l tLhe ifer Tab thele ir .st Pa enda riodr L dife of Ta livb ing le, 2019, in retir ae sm us ent ed is in highe the 2022 r, the Tru sa ste me es, R or e p low ort.e r than when they were t m of d C Re o is onsi ost tr spe sa ir et e ts ir c is e nd tom e s w e fied e nt s d m e ow sa w w r on e it iit n a d h 2 a h r rt sk eha ll o a 02 e e son ttd ir r 0, a t e the a o m c si it y b rea e g out nt a td nif e r e a b tic 4 in ls he y spe a o rnt ir oug rnding 5 ( e c pp ur or hly or 79 rte tion o ed nt m 9 o pe or lif r spe ut cf th e e e nt tof in nding ha e ) ir r 10 n w sa e t fin ir id rm e a e at s e m tnc or ir he e e e ia xp nt e y m l a s te w r( ont c y ss 87 t it e th how eo d hl tp s ove 43% st y on e riinc c ce k m t nt o rhe te o m td )he y ic e a w a e on a m c l b xpe sour on c hous ill onc t c s. se hly te d e of ing r /pla spe n a the ending nne b xpe ir out rd ns e t inf for ir p ela e s. la m n tt he . ion ent Only ir. . lif Thi e8 p in r rty e-re tc hr te irnt e ee m sa ent id Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. Fi The gurm e ost 26 , rC ep ur or re te nt d St sour anda cer s o d 2020 of f infor Living maC tion o ompa n tr red a n W siit tionin h Dur ging to r W etor ire king ment Ye inc arslude ................................ d a personal, profe........................... ssional financial 22 8% 13% $75,000–$249,999 20% Financial Sit So ua urcteion in : Employe Re e Be tir ne efim t Res ent ea ................................ rch Institute Spending in Retireme................................ nt Survey, 2022. ............................................................. 7 $2,000 and $3,999 each month. Sixteen percent spend between $4,000 and $6,999, with only 3 percent 71% 69% https://www.ssa.gov/oact/STATS/table4c6.html. w the oryk ing do . not Sim st ila icrk tto o 20 a 20 mon , ov thl ey r spe half sa nding id tp he lair n st ata a nda ll. L rd ow of erliv -inc ing om ise t he ret ir sa em es e (a those nd new ait rly h le 1 in ss 3 r thae n $30,0 tirees sa 00 in id the annu ir sta al ndard Des p on era ce sc cri nta sa le pt id of ion of t1 he –10 y p , la wn to sp S he am re 1 i ple end s “ not dow an a t all a littligne le, sm d”a ll p and or 10 tion o 39% is “v f e the ry ir a ligne assed ts, w .” In 2022 hile 22 , p re etrir ce ent es sa we id ret he less y plik lae n to sp ly to re ep nd or t advisor (30 percent); online resources and research (24 percent); and a prior employer (23 percent) (Figure 2). Black $250,000–$499,999 14% 30 spe %nding $7,000 or more each month. At time 60 of % transition to retirement, over half (57 percent) were aware of annuities (Figure 3). Approximately 48 percent 33% Sometimes Dip Into Savings and Figure 27, Satisfaction With Life in Retirement ....................................................................................................... 23 Sour c15 es of % Retirement Income................................ ................................ Figure Figure 20 23 ...............................................................10 Figure 16 28% of living is lower (Figure 26). At the same time, fewer retirees said their standard of living is higher in retirement in hous d tha ow t n tehe hold none ir c inc ur of rom etnt he e ir lif ) e w a ss e in r re et e sm tor ir or e e m g rlik e ow nt e ly is the ts o t irrr ong a ess por e lytt s. A a tha ligne m t tong he d w y it tst h h th ose ucke w tir o ho eaxpe m did ont ctnot ahly tions p spe la a ns c nding to om spe pp nd ala re n to a d dow wit n, h 2020 gc re om at for e (xt 42 t e le nt p ve e(rl a 48 cend nt pe v rs c. ent 49) 2022 retirees were more likely to repor8% t relying on 15%their empFigure loyer (32 13 percent) and less likely S om to er tie mly es S on pen a d L fin esa s to nc Ma ial a ke up dv is the or The sample of 1,998 included American retirees between the ages of 62 and 75, inclusive. The majority of the retirees 25% 2022 28% 24% • On averag21% e, ret$ ir5e0 e0 s r ,0e 0p 0or –$ ted 1,9 t9 ha 9,t9 ne 28% 99arly a third of their mont 20% hly income goes t 23% ow 24% ards housing expe 7% nses. The w ere aware of interest and dividends from an investment portfolio as an income strategy, and 45 percent were aware 11% Reasons for Reaso Reduced ns for Spending Spending Since Down Pandemic Level 11% of Difficulty Assessing Budget Difference 41% 41% 41% 21% t Re 2022 hala n th tiv co ee m 20 tov o p % a tehe rre ad ir ll w sa hous itm h pting le he ( ir39 si w tu or p ae tk ion, ring cent 4 y)e 6 p ( aF rig s er( ur c10 ee nt p 1 2 e re r )c p . e o nt rted ) v s. ow 2020 ning ( t14 he irp e hom rcent e ) fr . e e and clear, while 30 percent reported e Sp pndo er ecnding ew nt m ) e( nt Fi in Re g e ur ffe e tir c28 e t m le ). e dnt W in r ................................ ith t easons his, m for or e not re tspe ireend s indic ................................ ing daow ted n l( ow Fig eur r a elignm 19)................................ . e Ant m ong with e those xpecw ta hto ions re................................ p — or t16 ed p pe larn cning ent r a to tespe d t......... he ndir 13 Fi gure 28, Alignment Between CurrA ent verage Life in Re Mon tireth me ly nt Spen a10% nd Edi xpe ng cta by tions Expen ................................ ses ............................. 23 ( su 16 rv p ee y50 r ecd % e nt we ). re in their 60s (Figure 1). The average birth year for the sample was 1955, reflecting an avera 17% ge age of 66 35% second largest reported expenditure was food. of reverse mortgages. A $w 2,a 0r0 e0 ne ,0 ss 00 of orinc mom ore e strategies appears to be correlated with ra4% ce, gender, and income, where 10% 14% Very Easy Somewhat Easy Neither Easy nor Hard Somewhat Difficult Very Difficult Major Reason Minor Reason Not a Reason a d liv lignm ow ing n, in a e lifest nt hom ay s low le, ehous w w itit h a ing, h a n o 1, aut nd 2020 2, st he a or nding a3 lth ca ra tm ing ror e in 202 tw Ma ge a jorg re e Reas , t2 a he 20 Oon ut s c m -p ofe ost om -P rc oc Mi e p c k no n a om et trr Me e Reas re m ddi p on w c or on alit tCos h 12 p r ee da ts No tsons , ha t ae t R r tc ea for he esnt on y spe w in 202 ending re re 0. n ( t ing F Ov igur , erae and ll, 20 r4 p ) e.t ir ee re ce s r nta tre ed p o tr he teir d 9% 13% Figure 2 17% 7% for year-end 2021. Median birth year and age were similar at 1956 and 65 years, respectively, as of year-end 2021. Financial Preparedness..........................................................................................................................................21 • 10 Re %tirees were more likely to report that their spending is much higher or a little higher they can afford in 2022 non-Black, non-Hispanic, male, and higher-household-income retirees were more aware of various retirement income 5% Usually Dip Into Savings to Make up Figure 26 18% 40% Figure 11 living with family or in another situation. Regarding insurance, most (75 percent) received health insurance through alignm 35% ent of life in retirPr em imary ent wit h e Sources Oth xpe er Ec xp ta en ts ions of es, 6% Inf witormat h an a 13% v ion era gfo e r of T6.4 ransition in 20213% 2, d to ow Retirement n from an av erage of 6.8 in 2020. Education Costs for Children or Grandchildren 3% 13% 84% 12% 7% Survey respondents were 45 percent male and 55 percent female. Over half (56 percent the Di ) re ffe pror ent ce ed being married or 10% 10% 10% 4% 4% 5% (17 percent in 2020 vs 27 percent in 2022). Black and Hispanic re 4% tirees, as well as those in t 8% he lower annual strateg 5% ies. The most cited source of awareness on these strategies was a financial advisor (reported by 26 percent Current Race Standard of Living Compared With During Working Years Satisfaction in Retirement ................................ ................................ Figure 18 ................................................................ 4% .....22 3% Distribution of Retirees by Monthly Spending 2% 2% 2022 Me dicare,0% and 21 percent claimed 12% to have a long 15% -term-care insurance. The 25 percent without Medicare most Low Interest Rates 9% 28% 63% 2020 liv ing with a partner27% , and 44 percent repor38% ted being divorced, sep 26% arated, or4% wido 4%wed. Figure 28 Re tirees hous demonst ehold ra tinc edom sae v ings brac -b ke at sed s a nd fulfil those lment w. itSp h e pc oor ifi Figure c a self lly, -r64 e 27 p or petrecd e nt he of alth st retiraete us s a , indic gr 26% eea dt e wdit h th their e spe statnding ement is “ highe Saving r ov erall), which is again Clothi rela ng tEx ed pens to es a25% nnu , 7% al household income and other demographics. At 1% the same time, 1 in 5 (20 30% 2020 2022 2020 2022 2020 2022 2020 2022 2020 2022 2020 2022 2020 2022 2020 2022 2020 2022 2020 2022 White A A New sset Hom Spen e 4% d 10% -Down Intentions 86% 80% 1% c ommonly re30% ported ha My S ving tan Les da sh Tha rd ea of n $ lt Lh insu iv 1,0 ing I 00s Hi ra gh nc ere thr $1 oug ,00 My0 t S h tan ot $1 he da ,99 ir rd 9of for Lim vine g I r se th m e S $2 ploy ,00 am0 t eer o $2 (8 p ,99 My e 9r S ctan ent da )r, d tof he L $3 i vhe ,00 ing I 0 t aslt o Lo h insu $3 wer ,999rance Conclusion ...........................................................................................................................................................24 30% Satisfaction With Life in Retirement 0%than they ca A n a lig ffn or m den . t Between Current Life in Retirement and Expectations as much as I can ma Your Sk oc eis m al$4,00 e 0 t feoe $4 l ha ,99p 9py and A Defi fulne $5 fild B ,00 led 0 t en ,” o e $5 fiw t hil ,99e 9 P 25 ers op na elrcent $6,00 w An I 0 t ern oe di $6 v n i,du e 99 ut a 9lral aA nd Woonly rk$7 plac ,00 6 p e0 toe $7 rA c, P e 99 nt rod 9 uc dis t Tha agr t0% eedW . ork for Pay Disability Rental Income p erce Ent stim ) aw tee W re ha uns t Kind ur oe f L ihow festyle t Y Sh po oe uus y Ca e’ bn se /P A ca artner’s ffom rde a ware of 31% the retirement income st36% rategy. 22% 1% 9% 3% Spend Down All Your Assets Spend Down a Significant P Aorti lwa on ys Di of Y p I ou nto r AY sou ser ts Savings to Make Nonwhite 20% 2020 44% 41% Fi nancial assets are defined as the sum of liquid assets, including the value of stocks and mutual funds; checking, 1% marketplace Cr ( ed 5 p it Ce ard De rcent bt), the Ca Ve r L te oa ra nn’s Adm Me ini dicst alr De atbt ion (4 Hop me er E cqu ent ity L ), oa the n ir Sspouse tudent Loa ’s e ns mploy Buse ine r ( ss 3 p Loa enrcent Mo ), ror tga gsom e Debt ething Security $8,000 to $8,999 or Tr$ ad 9,0 iti0 on 0 t ao l $9,999 Retirement $10,0 Re 00ti o rem r Men ore t Retirement Guarantees Insurance Social Security Supporting Other Family Members 5% 26% up th 69% e Difference 20% Endnotes .............................................................................................................................................................24 Supp •or ting Amtong his, t1 ho in se 2 w (49 ho p S d pe e erc ncr d Do e ent ased wn a ) re Li teir it ttlehe ee , S s rma d the e ll sc Pir orr ibe tie on ss of d e Y nt th ou ia erir l o A scs rur ets dris ec nt re S spe tpe iona nnding d Do rywn No spe be nding ne h a of vY ior ou si ra nc As s e sfr e ts tug hea p l o ar nde vem ryic fr , ug the a l. mThi osts Pension Plan, Savings or Account or IRA Savings Plan, Monthly Income Housing Expenses, 30% e sa lsveings, (5 p Ong e ar nd oi ce ng M nt m) one ark . et V y ol m aa tilr itk yet accounts; c 29% ertific 3 a or Les tes of s dep 4 osit Throu ( gC h 7 Ds) 36% , g 8 ov or Hig ernm herent savings bonds, Tr 35%easury bills, and 3 or Less 4 Through 7 8 or Higher Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. Overall, 36 percent of retirees said they are Whe c re ur the re A nt mly ou n w t In or vk es ing tmenw tsit , S h a uch financial advice S uc pr h a ofse ass 40 iona 1(k),l. fo Brla Lic fek , S re ucth a ireses were Grow Your Assets common reason cited by roughly 9 out of 10 retirees was concern about inflation. r epre 25 sent % s an increase relative to 2020 (42 percent), when fewer retirees considered themselves frugal or very frugal. 24% 11% 12% 2022 Car Expen27% ses or Repairs 7% 56% 69% 24% You Receive Is as Mutual Funds, Tax-Deferred an Annuity bonds and bond fundsE ; d au nd ca ot tihe onr L sa ev vings. el In terms of current financial assets, 39 percent of the sample had less than 10% 23% le ss likely to report working with a financial advisor (17 percent), as were Hispanic retirees (27 percent), not-married 20 2022 20 10% 13% 29% 58% 22% 15% 32% 9% 6% 3% I n ad •d ition, Ovefe raw ll, ea r p re ptrir oxim ees r ateeply or 7 ted in be 10 ing reT t ir a ypi v ec e e al rs a lysa g Be as i d spe ed t on he nd y e Ce ha rs in 202 rv tifie c attes hr of e2 (4 e mont 3 phs erc of ent e)m ae s c A rg nn o e um nc ityp or 4 ya sa re 03 d v(ings. b), with B 20 la20 ck a (48 nd p Heis rc pe ant nic ). 21% Figur 2020 es 17% 20% 14% 38% 11% Entertainment Expenses, 8% $75,000; 34 percent had H i$ g75 h s ,000 cho o to l g $r4 a99 du,a 99 te9; and 27 percent had $500,000 or more. 15% The average v 1% alue of current 0% 10% 20% 30% 40% Sala50 ry a %nd Yea 60 r% s Depo 70 s% it (CDs80 ) o% r 90% 100% Thri 6% ft Savings, 5% 1% retirees (28 percent), and those in lower annual household income segments. Among those who use a financial advisor, Housing Repairs or Renovations 13% 58% 29% retirees, those in lower annual household income segments, those with low financial knowledge, and those Looking back on spending style during working years, 3 in 4 (75 percent) considered themselves average or frugal of Service Checking/Savings Money Purchase, 20 20 20 % 22 22 0% 10%16% 2020 37%29% 42% 35% 53% 42% S ources of Retirement Income Spending Needs Are Less 32% 46% 23% fin ancial assets was $532,000, while the median was $146,000. The median number of years in retirement was seven. Some college/trade or business school 35% 70 pe 20 rc 22 ent said 11% the advisor was their 33% primary source of Ainfor ccounts m, O ation o utsiden tr 34% ansition to r or P etir rofi em t-Se ha nt 8% ring . 14% Figure 1, Survey Sample, Key Demog 2022 raphics ................................................................ 2020 ........................................... 5 spenders, c w Deit consi h ide p W oor N=1 st here Y e ,4 nt self 67 ou w- rit r S e h 2 pe por nd 0it20 ng ed Mo . he ney a W lth st ill atus were less likely to report they have three months of emergency savings 37% 32% 19% 10% 3% 16% of an IRA or Plan Simila Dri st co reti20 ona 20 ry S , pe 7 in nding, 10 Su sa chid as Soc Vacia atil Se ons, Cl cur othit es y or is J a ew m elra yjor sour 16%ce of income (Fig 48% ure 8). Annual household 35% income was Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. Come From 1% College graduate (4-year degree) 30% set aside. Workplace Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. 2022 26% 37% Approximately 8 in 10 (80 percent) retirees surveyed were White, 14% while 50 percent reported to have a college degree Figur 15 e % 2, Primary Sources of Information for Transition to Retirement ....................................................................... 6 positively related to reliance on Social Security as a major income source, where 82 percent of retirees with less than Retirement Graduate degree or higher 20% Compared with two years ago, more retirees said they have increased their essential and discretionary spending since • On average, retirees rate their sat Me isfa dicc at l B ion in ills retirement as 7.0 in 2022, compared with 7.4 in 2020 (on a scale 17% 58% 25% Savings Plan or higher. The majority (83 percent) have never served in the military. Fear About the Future 40% 38% 23% $3 0,000 in annual household income said Social Security is a major income source, as opposed to 45 percent of retirees Financial Situation in Retirement 1% the onset of COVID-19. In 2022, 27 percent said they have increased their essential spending since the start of the 1% Figure 3, Awareness of Income Strategies Upon Retirement Transition ...................................................................... 7 of 0%1 to 10) 10 . % Similarly20 , r %etirees r 30 a% ted their40 a% lignment 50 of % life in r 60 e% tirement70 w % ith expe80 ct% ations w90 ith a % n ave 10 ra 0% ge 6.4 2020 27% 45% 1% with greater than $100,000 in annual household income. Additionally, those who are dissatisfied with retirement and Needing Physical Support or Care to Live My Life Medical and Health 18% 48% 34% Over10 all, % 1 in 3 (32 percent) have experience working after being retired from a primary career, similar to what retirees pandemic, 55 percent said they have not changed essential spending, and 18 percent said they have decreased their Military Status in 2022, down from an average of 6.8 in 2020. Insurance, 8% Figure 4, Experience Working After Retiring From Primary Career ............................................................................. 8 Overall, more than half (54 percent) of retirees said they are financially prepared for the possibility of needing monthly t hose with p N=363 oor self-reported health status (a score of 1, 2, or 3 on a scale of 1–10) are more likely to rely on Social r e e ss pe ont rte ia dl sp in 202 ending 0 (F (igur Figur e e 4 )2 . 2B)la . For ck r e com tirep ea s r( is 41 on p , e 23 rc e pnt er)c e wnt er e of m re or tir ee lik es esa ly id to tha hev ye inc wor rek ae sed d a ft the erir b e ess ing ent reia tir l sp ed efr nding om the and ir • Retiree segment Ns ev w 2022 eho r s e re rp ve or dt e in d m low ilite arr y senses of well-being across the 6% measure83% s of standard of living, Source: Employee Benefit Research Institute 24% Spending in Retirement Survey, 2022. 47% Health and Medical Insurance 21% 56% 22% Determine What Money Is Available for You to Anxiety About the Economy 41% 40% 19% incom 20 20 e20 22 through a 14% 15% ge 90 (Figure 25). Seg 33% ments who 56% were less likely20% to report being fin 13% ancially p 31% 8% repared 5% for2% the Security as a major source of income (85 percent and 83 percent, respectively). 38% 37% 16% 7% 2% p Ar m im ong a 20 r20 y tc ho arse ee 8% r w . ho The ha td op d t ehr bte , ed e re sc 31% ar sons iption for of wto he rk ing mana begye ond abilit re yt ir of em pe ernt sona incl d lude ebd t w p 62% raov s si ide ms a ilard tdo itiona 2020 l inc . 46om pe er cfor ent of 59 percent reportedS no pendchange in 2020. 5% Figure 5, Reasons for Working After Retiring From Primary Career ............................................................................ 8 2020alignme 14% nt, and O sa nt is ac faticvte ion i dutnc y 29% lude in thd e tp hose ast, w bu itthout not n do ew fined be34% nefit or other annu 15% ity inc 9%ome, those 14%with low 2020 3 12% 39% 49% 3% Fewer than 1 in 10 (7 percent) overall reported disability income as a major or minor source of retirement income, yet Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. p ossibility of needing monthly income through age 90 included Black retirees, Hispanic retirees, not-married retirees Re tirees were more likely to report that their spending is much higher or a little higher they can afford in 2022 (17 Retirement Lifestyle r d e is tir creeets iona witrh d y ee xpe bt ns rep eor s, suc ted h a n e as t ar si aly ve m l a and nag geift ab s; le w le or vk e l o is fr e d26% w eb atr dor ing no ; ad nedb t t, o 4ha 3 v pe e ra cd e 53% d nt it iona repor l rte ed sour a m ceas for nage 20% a an une ble lexpe vel c of ted 2020 financial knowledge, those not using 34%a financial advisor, those who ar49% e not married, and those who are female. 1% 1% 18 percent of Black retirees and 15 percent of Hispanic retirees indicated disability insurance was an income source. Fi ( ag pur pre oxim 6, Ty atp ee lys of 46 p De erb cte Out nt), sa ta nd nding re tir ................................ ees who reported dissa ................................ tisfaction with current ................................ life in retirement an....................... d low subjective 9 p ercent in 2020 vs. 127 percent in 2022) (Figure 15). Black retirees, as well as those with lower annual household Food Expenses, 25% d expe ebt, ns ae nd (Fi 11 gur pe er c 5) e.nt W rehil por e tred etir a en unm es did anot nag indic eable a tor e tc ha rus t ha hing ving levaen o l of d ppe or bttuni . Re ty ttir o esoc es tia ha lize t w d errov e d eis tsa hetir is fied retur w n to w ith tho er irk in 0% Concern About Inflation Housing Expenses 55% 28% 53% 32% 19% 13% Note: n=1,998. financial knowledge (approximately 23 percent). Correspondingly, retirees who reported being married, having 0%high inc omes and poor self-repor Trt an es d po he rtata ion lth st Expea ns tus es, , indicated their spending is higher than they can afford. In addition, those A Personal, Online Your Employer None Family and Representatives Other Online Advice Social Media Media-Specific r re et tir ire em me ent nt ( to raa ting gre1, at 2, o exte r nt 3 , on it w a asc s a one le 0% of of 1t–he 10 10 m for %ost sa c20 tom is % fa m cton ion 30fa ) % c w tor ers e 40 ha 2.6 % v ing tim 50e som %s as lik e 60 im % eply a c(t29 . 70 % perce 80 nt %) to 90 re% port 100% 2022 25% 56% Figure 7, Description of Debt Manageability ........................................................................................................... 10 Only 3 percent overall said they had plans to convert any current income sources into a guaranteed income stream, 12% Professional Resources and or Information Friends From Your or Advisors Posts by Financial EBRI IsS suo e u Bri rcee f : is re Em gist pe lo rey de in e th B ee Un .S e.f P ita tR ene t s ae nd a Tr rcah d eIm nas rt ki tO uftfe ic e S . p ISe Sn Nd : i0n 8g 87 i –n 1 3R 7X e/t9 ir 0e 0m 88e 7n –1 t 37X/90 $ .50+.50 satisfaction, having high subjective financial knowledge, and working with a financial advisor were more likely to report with high debt, low reported financial knowledge, and dissatisfaction with retirement said spending is higher than they 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% EBRI was able to fund the development of this 0% research th20 ank % s to gene 40r% ous suppor 60t% from EBRI 80 ’s Re % tireme 10 nt 0% unmanag0% eaFi bnle an cor ial c10 rus Res %hin earcg h Yo de u 20 bYo % t. uRe Ret cir eive ee a 30 s w t % ho claim 40% ed to ha50 ve % low Wor kfin placa 60 enc %ial know 70le %dg Th e a t w Pro evr 80 ie de % nea Fir nly an ct ia 90 w l oic % r e aEx s lik perts 10 e o ly 0% r to 0% 0% 10 10% % 20 20% % 30 30% % 40 40% % 50 50% % 60 60% % 70 70% % 80 80% % 90 90% % 10 100% 0% while 55 percent said they had no plans to and 15 percent were not sure. Hispanic retirees were more likely to say 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% © Ad2 v0 iso 2r2, Em Do plo on Yo y So ee uu r rc B e: enef EmWo ploit y rk e e Resea Benefit rc Res h In earchs In tit stiute tute Sp –E endu ding ca Ret in tRet iio rem n ire em n a t e nd Pl nt aSu n Resea rvey, 20rc 22.h Fun Gu d. idaAll r nce igCom htsm re unis tyervedG . urus Surve 0% y, 202210 . % 20% 30% 40% 50% 60% 70% 80% 90% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Fi be ging ur Se ep c 8, rur ep Sour ita yr e Re d c e sea for s of rtc he Re h C p tir e oss nt em e ibilit e r, nt A y lli I nc of anc om ne e e e for d ................................ ing Lifeti mont mehly Inc in om com e, e L G t................................ hr IM oug A, a h a nd gE e d90 elm aa s c n Fina om ................................ pnc are ia dl E wngine ith res. tir e es ove ................ rall. 11 c an afford. report high debt levels ( O21 wn pe So ru crc eent : Em ), pa los yew e Be er ne efi t B Res lac ek arc r he Intsir tie tue tes ( Spe20 ndi np g e Pro inr Ret c ve idie nt re rm)e.n t Survey, 2022. Based on Groups, Source: Emp N=1 loye ,5 e4 Be 8 nefit Research Institute Spending in Retirement Survey, 2022. they are planning to convert to a guaranteed income at 7 percent. Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. Formulas Companies, or N=655 Sourc Source: e: Emp Emplloy oyee ee Bene Benefi fit t R Res esea earc rch h In Ins sti titu tute te Spen Spendi ding ng iin n R Ret etiirem remen ent t Surv Survey ey, 2 , 202 022. 2. Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. N=923 Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. Influencers Figure 9, Are You Taking the Required Minimum Distribution? ................................................................................ 12 Source: Employee Benefit Research Institute Spending in Retirement Survey, 2022. 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