Even rich retirees fear outliving their money

Some older people are reluctant to spend their money for fear of running out. (Image: Dean Purcell)

Tue, 31 Dec 2024

By Anne TergesenRetirees worry they will live too long to enjoy their money.Studies show those who spend more report greater satisfaction in retirement, yet older Americans often live below their means. The prospect of a life of 95 or 100 years turns many into penny-pinchers, reluctant to spend their hard-earned savings now with so many years of bills remaining. Researchers call it the retirement consumption puzzle.Married 65-year-olds with at least US$100,000 ($NZ170,000) in financial assets withdrew an average of 2.1% of their savings an...

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