39% of U.S. Retirees Resist Spending Savings as Fear of Running Out Persists

2 articles · Updated · USA TODAY · Sep 13

39% of retirees told Allianz Life they are reluctant to spend retirement savings, even when advisers say their finances can support it.
71% of working-age Americans said they expect to feel the same way, reflecting how hard the shift is from decades of saving to drawing down a portfolio.
Financial planners said the main obstacle is fear: retirees cannot replace income with a raise or new job, so market declines and big purchases feel riskier.
68-year-old Gerry Elam, who retired from General Electric in 2020, said he still overanalyzes purchases above a few hundred dollars despite having enough money to retire.
Advisers say the tension is not only overspending but underspending—avoiding trips or other goals now can leave retirees dying with regret while still preserving too much money.