But now, the prospect of living to upwards of 95 years old is becoming an increasing likely reality for older people—and you can bet the cost of housing, health care, bills, and food is going to go up in that time.
It’s why instead of splashing out on those golden years with trips around the world on a cruise, spending below one’s means has become prevalent especially among wealthier retirees, the survey concluded.
Researchers are calling the trend the retirement consumption puzzle.
Essentially, even after grinding and gathering wealth for decades, retirees feel unprepared for the jobless years looming ahead and continue to squirrel away what money they have instead of finally enjoying it.
It’s no wonder that many are actually going back to work to live out their retirement dreams.
