Prudential Financial and TIAA surveys show US retirees are pulling back on
discretionary spending: Prudential finds more than 60% of retirees with $500k+
in investable assets say they avoid spending on enjoyment, and a TIAA survey of
1,000 people found over half cite outliving savings as their top retirement
worry. Respondents point to rising costs—particularly healthcare, which takes an
increasing share of retiree budgets—and greater longevity. Social Security
benefits may face a roughly 22% reduction within six years, adding uncertainty
to retirement cashflow planning. Wealth advisers say some financial strategies
and products can help ease retirees’ spending anxiety.
