According to a study by the Employee Benefit Research Institute, over a quarter of retirees are spending more than they can afford due to the pressures of inflation and a lack of knowledge with common retirement income strategies. Employees are also being impacted by the market—a Schwab Retirement Plan Services annual survey found most workers ranked inflation as a top obstacle for a comfortable retirement, including cutting back on their savings to account for higher costs.
MONEYWATCH Planning on retiring at 65? Most Americans retire far earlier — and not by choice
The median retirement age for Americans is actually