Retirees Spend Less Than They Expect

A Goldman Sachs report finds many retirees spend far less than that:

The report found that 51% of respondents who are currently retired reported that they are living on less than 50% of their pre-retirement annual income, including 29% who report living on 40% or less. Only 25% of retirees generate what many estimate as the amount needed to maintain their standard of living – 70% or more.