Irrational Expectations

Many people assume they will be able to get by on less money in retirement once they give up commuting and work clothes.  Some 58% of workers expect to spend less money in retirement than they do now, and just under half (48%) of retirees report they were able to decrease spending.  However, not everyone is able to cut costs.  You may encounter new expenses in retirement.  Some 30% percent of retirees say their spending in retirement is unchanged from their working years, and 21% percent of retirees experienced an increase in spending.

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