Retirement is often seen as a chance to enjoy life after decades of working. Many people look forward to traveling, spending more time with family, and having fewer daily responsibilities.
For some Americans, though, retirement has brought a different set of challenges. Higher prices, modest savings, and fixed incomes are making it harder to pay for everyday needs. Some retirees are cutting back on far more than vacations and entertainment just to keep their finances in check.
A recent survey of 1,000 U.S. retirees offers a closer look at the financial struggles facing older Americans.
Some Retirees Are Going Without Basic Necessities
The survey found that about 14% of retirees have skipped medical appointments or delayed treatment to avoid using their retirement savings. Another 12% say they have skipped meals for the same reason.
For these households, saving money can mean putting off healthcare or eating less than they need. Food and medical care are basic parts of daily life, yet some retirees feel forced to make these choices so their savings will last.
Related: 15 Things Retirees Wish They’d Downsized Sooner
Everyday Bills Continue to Climb
Paying for ordinary household expenses has become a struggle for many retirees. Nearly half of those surveyed, or 46%, say they’ve had trouble paying at least some of their monthly bills.
Groceries were the most commonly reported expense, followed by utilities, insurance premiums, and healthcare. Costs that may once have fit comfortably into a monthly budget now take up a much larger share of retirement income.
About 67% of retirees say their grocery bills are higher than they expected. Another 60% report spending more on insurance than they had planned.
Related: 12 Money Moves Retirees Wish They’d Made Sooner
Savings Are Falling Short
Many retirees find their savings don’t stretch as far as they thought. On average, they believe they’ll need more than $800,000 to retire comfortably, while the typical retiree reports having just under $300,000 saved.
That gap can leave households with very little room for unexpected costs. Property taxes, home repairs, medical bills, and other expenses can quickly use up money that retirees had hoped would last for years.
Related: 12 Low-Stress Jobs Retirees Can Do Without Experience
Worries About the Future Are Growing
Financial stress is also making it harder for retirees to feel secure about the years ahead. Nearly half say they aren’t confident their savings will allow them to maintain their current lifestyle throughout retirement.
Some worry they won’t be able to cover their expenses over the next 12 months. Inflation, rising household costs, and uncertainty about future income are adding to those concerns.
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Retirement Has Become More Expensive
Leaving full-time work doesn’t mean household expenses disappear. For retirees living on a fixed income, even a modest increase in grocery prices, insurance, or medical costs can put pressure on an already tight budget.
Some delay doctor visits, skip meals, or cut back on other basic expenses to make their money last. For many Americans, retirement is proving far more expensive than they expected, and the life they planned may look very different from what they can afford.
Related: 12 ways retirees are cutting hundreds (sometimes thousands) from their monthly expenses
