Should Boomers Follow Their Own Advice and Give Up Luxuries like Lattes and Netflix? 

Report From 2022 Spending in Retirement Survey Finds Increase in Retirees Spending More Than They Can Afford 

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. 

The spending in retirement study 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. 

• 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. 

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