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Many retirees overspending, but most have enough to cover emergency expenses

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Posted at 11:22 AM, Oct 24, 2022
and last updated 2022-10-24 23:00:27-04

For people who are already retired, inflation is eating away at their retirement. New data from the Employee Benefit Research Institute shows retirees are less satisfied than they were two years ago.

About 43 percent say they've cut down their discretionary spending.

Research shows people are spending more in retirement on housing and health care than they budgeted for. This has pushed some people *back* into the workforce.

About a third of retirees say they've picked up a job after retirement. In most cases, it's to get more cash to prepare for an emergency, but there are other signs that retirees are doing OK financially.

Almost 70 percent in the new survey say they could cover three months of expenses, if necessary.

And more than half say they're financially set up through at least age 90.