Results from the 2022 Spending in Retirement Survey published by the Employee Benefit Research Institute (EBRI) found that retirees are spending much higher or a little higher than they can afford in 2022 (17% in 2020 vs 27% in 2022).
Black and Hispanic retirees, as well as those in the lower annual household income brackets and poor self-reported health status, also 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.