INFOGRAPHIC
More than a quarter of retired investors continue to pay off mortgage and credit card debt
As perceptions of what retirement should look like continue to evolve , retirees are reevaluating their financial approaches and lifestyles .
Nearly one-third ( 31 %) of American retirees expect to be less secure in their retirement than their parents and grandparents were , according to Nationwide ’ s ninth annual Advisor Authority study , powered by the Nationwide Retirement Institute .
This feeling of uncertainty among retirees is compounded by the fact that everyday financial obligations remain a concern – more than one in five ( 22 %) retired investors worry about affording their monthly bills .
Retirees reevaluate financial commitments
The transition to life after retirement demands crucial shifts , including the prioritisation of financial commitments . In addition to short-term financial obligations like basic living expenses , long-term debt continues to weigh on retirees , with 26 % of retired investors continuing to pay off their mortgage , and 25 % still paying down credit card debt .
While most American savers dream of a retirement of leisure and travel , retired investors are adjusting their priorities to make ends meet in the wake of economic constraints . Nearly four in ten ( 39 %) retired investors are spending less on entertainment to meet financial commitments in today ’ s economic environment , and more than a third ( 34 %) are taking fewer trips or vacations .
To compensate further , 22 % of retired investors are drawing more funds from retirement accounts , intensifying the traditional decumulation stage .
“ The picture of life after retirement has changed for many people as economic stressors continue to weigh on retired investors ,” said Mike Morrone , Vice President of Nationwide Annuity Business Development . “ Now is the time for advisors and financial professionals to check in with their clients and help them remain calm , nimble and informed in the face of continued economic headwinds , ensuring the plan they have in place continues to position them for a secure retirement .”
Strategies vary for investors already in retirement
To account for financial headwinds , retirees are bolstering their plans . Nearly two in three ( 63 %)
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