Survey-Most Off Base with Retirement Planning and Spending

A new survey found many respondents were surprised by higher than anticipated expenses in retirement.

The survey from Thrivent Financial indicates that most are naive about how much money they will need in retirement and many are off base with their actual spending in retirement.

The survey found 55 percent of seniors are unsure of how much money they will need to last throughout retirement. The majority (56 percent) are off target for their monthly spending in retirement, with 29 percent spending more and 27 percent spending less than expected.

The survey found a surprisingly carefree attitude among seniors toward their financial future – 61 percent said they do not worry or think about having enough money in retirement, and 62 percent said they are not at all anxious about the performance of their investments.

Among respondents that are not yet retired, nearly one-third (32 percent) indicated they had hoped to be retired at this point in their lives.