Results from the 2022 Spending in Retirement Survey published by the Employee Benefit Research Institute (EBRI) found that retirees are spending much higher or a little higher than they can afford in 2022 (17% in 2020 vs. 27% in 2022).
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Black and Hispanic retirees and those in the lower annual household income brackets and poor self-reported health status also indicated their spending is higher than they can afford.
Inflation Is Affecting Retirees
“Retirees, like the rest of us, are not immune from the high cost of living due to inflation and the increasing prices at the pump and for goods and services. For example, the pandemic forced many retirees to delay travel plans during the pandemic, only to incur higher costs associated with transportation, accommodations, and dining out.
Even if they paid off their homes, there are still repairs and maintenance costs, plus property taxes. They are finding that they are no longer willing or able to take on some of the home repairs themselves, only to find that tradespeople have raised their prices along with the cost of supplies. If they are living on fixed incomes, as many do, then they are feeling the squeeze more significantly than those who remain in the workforce.” says Myra Alport, Founder of Myra Alport Money Coach.
EBRI conducted the spending in retirement study during the summer of 2022. They surveyed 2,000 American retirees aged 62 and 75 to assess how spending patterns and retirement well-being have changed since 2020.
Among those who decreased either their essential or discretionary spending since the pandemic, the most common reason cited by roughly 9 out of 10 retirees was concern about inflation.
Approximately 7 in 10 retirees say they have three months of emergency savings. However, black and Hispanic retirees, those in lower annual household income segments, with inadequate financial knowledge, and poor self-reported health status, are less likely to report they have three months of emergency savings set aside.
Similar to 2020 survey results, 7 in 10 say Social Security is a significant source of their income.
Approximately half of the retirees said they spend less than $2,000 each month, while 1 in 3 spends between $2,000 and $3,999 each month. Sixteen percent spend between $4,000 and $6,999, with only 3% spending $7,000 or more each month.
Retirees Feel Frustrated
Retirees are frustrated with their retirement. On average, retirees rate their satisfaction in retirement as 7.0 in 2022, compared to 7.4 in 2020 (on a scale of 1 to 10). Similarly, retirees ranked their alignment of life in retirement with expectations with an average of 6.4 in 2022, down from 6.8 in 2020.
“The 2022 Spending in Retirement Survey reveals that certain measures of retiree well-being have stagnated or declined since the pandemic. Specifically, the average ratings for alignment and satisfaction have declined since 2020, while more retirees say that spending has increased and is higher than they can afford.
30 Boomer Opinions That We Actually Agree With – A Dime Saved
We Don’t Need Screens in Cars
A Redditor said, “Touchscreens in cars are a fundamentally bad idea & physical buttons (or similar controls) need to be brought back.
Distracted driving is at an all-time high. Touchscreen controls literally require you to take your eyes off the road and can create a longer time of inattention due to their complexity.
I have an old-ass car with physical controls. I can do dang near anything (radio, climate control, etc.) without taking my eyes off the road and in much less time.”
Do you hate touchscreens in cars and find them superfluous and overwhelming? Well, you are not the only one! An astounding amount of people agree with this “Boomer Take.”
People Need To Train Their Dogs Better
One person wrote, “Most people don’t train their dogs well enough because they treat them like children, then they can’t handle them when they’re reactive and put people and other dogs in danger.”
Do you think people spoil their dogs and treat them like children? This can cause dogs to become dangerous to others. A lot of people agreed that dog owners should train their dogs better.
Too Many Subscriptions
One person went off on subscriptions, “Every d*** thing is a subscription. Music? Subscription. Movies? Subscription. TV shows? Subscription. Heat your a*** while you’re driving? Subscription. REALLY? Oh, sorry—I’m a boomer. I’ll leave now.”
This one struck a cord! It is so frustrating to have to subscribe to everything instead of being able to pay a one-time fee and have it forever! It also makes it hard to budget and afford the things you want. Instead of saving up for an item and having it forever, you need to make sure you can afford it for the rest of your life.
Real Human Operators
“I want a human customer service operator, not an automated operator or chatbot,” someone said.
The robots may be coming for humans, but they are not here yet, and human beings are much better at getting things done than automated menus or chatbots. It’s frustrating when you need customer service but can only get it through an automated system.
Asking For Personal Info
“No, you don’t need my phone number or email. Just let me buy my shirt and get the f*** out of the store,” one person wrote.
Why does every store insist on getting your email and phone number? I don’t want you to call or email me! Just take my money and let me leave!
Owning Physical Media Is Better
“Physical media: owning books, movies, and music, is far superior to a subscription service or digital content,” said one person.
While I love my Kindle, there is nothing compared to owning and having your own physical copies of the items you love. I would also much rather get a book from the library than read it online. I love books and music and think there is a lot of value in owning your own stuff.
No Need for Apps
One person listed the things that shouldn’t require an app download: “Certain things shouldn’t require you to download an app and/or create a whole account, including:
The Music Is Too Loud
One person thinks the live music is too loud, “Music in bars is too loud. (Edit to add that I’ve been a touring musician and live sound technician. I love music, but it actually sounds better at lower volumes, and I want to be able to hear it into my old age).”
I want to be able to talk to my friends without screaming away, and I don’t want to leave with my ears ringing. Can we lower the volume, please?
Fast Fashion Is Bad
“Screw fast fashion; my clothes should be made to last,” someone said, “I’m not rich, so it’s unavoidable, but I’m willing to spend extra on clothes that aren’t made of plastic, and I do my best to repair my damaged clothing instead of throwing it out.”
This is a real struggle because fast fashion has a lot of problems, and the stuff is cheap. However, when you are poor, you often can’t choose to buy more expensive things, and you end up buying cheap stuff even if it won’t last you as long.
TV Is Too Dark
Can’t see the TV screen? You’re not the only one. Someone wrote, “TV is getting too dark. Not emotionally – it is visually too dark, and I can’t see it.”
This complaint comes up a lot, and it’s not only the boomers who can’t see the TV. What is with the dark lighting on all these shows? Some people stop watching certain TV shows because the lighting is so frustrating!
Too Many Things Are Too Much
One person wrote, ” There is an old acronym K.I.S.S.
Keep It Simple Stupid.
Just because you can make something super flashy/complicated/intriguing or otherwise impressive doesn’t mean you should.
This goes from everything from cars to computer software to movies and film.
Trying too hard to make something impressive only leaves you with something that may look pretty but doesn’t have proper support.”
It seems like so many people are making new things and coming up with new ideas that are just old ideas and things that are just more complicated and confusing. Why can’t we keep it simple?
Not Everything Needs the Internet
Why is everything “smart”!?!?
One person wrote, “Not everything needs to connect to the internet or have an app attached to it. I just want my fridge to keep s*** cold, I don’t understand why we have to bring WiFi into this situation.”
Why is everything connected to the internet? As we said before, maybe let’s keep it simple! Maybe that’s why my mother-in-law’s washing machine from the 1980s still works, and my brand-new one keeps on glitching and resetting.
Where Are All the Plugs?
Someone wrote, “Sometimes it’s faster (and easier) to just plug something in, instead of dealing with Bluetooth connectivity. There’s something nice about knowing how to get it connected and being able to physically connect/disconnect.”
Not to mention that if something gets messed up or your WiFi or Bluetooth is down, being able to plug it in makes it so much easier!
We Don’t Need Touchscreens
To continue in the same vein, why is everything so complicated?!?!
Someone commented, “Basic home appliances (fridge, washer/dryer, etc) do NOT need a touch screen.”
I agree that it just makes things more complicated, dirty, and harder to manage.
Tipping Is Ridiculous
Someone wrote, “tipping has gotten out of control- coming from someone who relies on tips for income. it hurts people who actually should be getting them because now people are extremely agitated about any and all tipping. i was just at a music festival, and the guy who exchanges your cash for drink tickets (not even the person who pours the beverage) had an iPad with tip options starting at 18%.”
We need to start paying workers a living wage instead of relying on everyone tipping everyone and everything.
Get Off Your Phone
This is a really boomer-ish idea, but I think they may be right!
Someone posted, “If you’re walking on a crowded sidewalk, get off your f***** phone. It’s not the job of other pedestrians to avoid you while you make your vlog. Awareness of your surroundings is important.”
We Want Headphones
This was simple and to the point. One person wrote, “GIVE ME BACK MY HEADPHONE JACK. ” Why did we get rid of those in the first place?
Be Respectful in Public Places
Someone wrote, “When you’re in a public place, you should respect others around you but not being disruptive with your behavior. For example, not playing music on your phone without headphones while on a bus, in a restaurant, etc.”
No one wants to hear your music or watch your movie. Get some headphones (without or without headphone jacks) and keep your interests to yourself.
Lower the Lights
One person thinks the new headlights are too bright. They wrote, “Standard headlights on new automobiles are too bright. Literally being blinded by every other car DURING THE DAYTIME, wondering if their brights are on.”
It’s so dangerous!
Things Don’t Last Anymore
“Things aren’t made like they used to be. Everything you buy now is so cheaply manufactured. Even high-end furniture uses cheap particle board and c**** joinery. We bought a pretty high-end couch a few years back, and it’s barely holding together,” wrote one person.
This is true. Everything seems to fall apart so soon, and nothing is made well anymore.
Social Media Is Bad for You
“Social media is poison (He says on Reddit),” someone posted, slightly ironically. While we fully appreciate the irony and hypocrisy (aren’t we all guilty of this?), I think many people understand and agree that social media can be a dangerous, dangerous thing, especially for younger people.
Kids Should Be Outside
You might sound like a cranky old boomer when you say kids should get off their screens and get outside but are they wrong? Well, studies say they are not wrong, and kids should be playing outside more.
One person said,” Make your kids go outside and play. They need hours of play time in fresh air and socializing. Stop keeping them cooped up on computer games.
I had to teach my 11 and 12 year old nephews how to ride bikes last summer because they never learned how. They were never outside long enough. Their parents still don’t let them go outside.”
You Don’t Need to Film Everything
What is with the younger generation filming everything and posting it online?
One person wrote, “I don’t really know if this is a boomer opinion per se but you don’t need to document everything thing you do and post it to your social media. Sometimes it’s better to just live in the moment and enjoy what’s happening around you.”
Cookbooks Are Better
One person wrote, “Googling recipes while cooking and having to read everyone’s life story and family history to get to the ingredients drives me batshit insane.
I’ve gone back to cookbooks.”
I love my cookbooks and have quite a collection, but I still search for recipes online. It is very annoying, but I also remind myself that this is how food content creators make money, so they can keep giving us yummy recipes!
Pick up the Phone
A Millennial posted, “Millennial. I agree that sometimes at work, you need to pick up the phone because it’s easier than sending text messages back and forth.”
Most younger people hate picking up the phone, but sometimes it really is the best way to get something done and the best way to communicate. Texting can cause a lot of miscommunication that would be all cleared up with a simple phone call.
Don’t Be On Your Phone When You’re With Friends
After you pick up the phone, it’s time to put it down!
One Redditor shared, “You should really put your phone down when you’re out to eat with people. Maybe it’s because I grew up with that rule, but I know when I’m getting lunch with a friend or something, I find it incredibly irritating when they’re on their phone.”
No Tech for Kids
Do you let your kids have access to tech? One person thinks you shouldn’t. They said, “Kids shouldn’t touch any electronic devices until a certain age. I work in tech, but if I ever have kids, I will still enforce this rule. It makes me sad to see 1 year old babies glued to phones.”
There are so many other ways to entertain babies properly. Use sensory toys or Montessori toys to keep them engaged instead.
No More Lattes
This one is pretty controversial, but they have an excellent point! One person said, “Dropping $7 on a cup of coffee daily IS a huge waste of money”. Another added, “Coffee drinkers are making my past cigarette habit look almost fiscally reasonable.”
Of course, it’s all about moderation. There are some habits that add up and end up being a lot of money over time. These things can be a problem if you try to live frugally.
Family Dinner Is Important
Is there anything more important than family time?
“Family dinners with everyone sitting down, eating and talking, no tv and no phones are essential,” said one person.
This is so true! Even if you can’t sit and eat dinner with everyone, make it a point to spend quality time by either having game nights or times when the phone is off and the people are talking.
Maybe Don’t Say It?
“Just because you CAN say something, doesn’t mean you SHOULD. Think twice, speak once. I’m only 28, raised by my father, who was 39 years older than me. Just seems like people pop off at the mouth way faster than in previous generations, ” one person wrote.
Think before you speak. Don’t say everything just because you can.
Boomer Opinions
I hope you enjoyed this Reddit list of boomer opinions that other generations agree with! Do you agree with these takes? Are you a boomer at heart? If yes, you may also be confused by these dark Gen-Z Trends that have us shaking our heads.
Read More From A Dime Saved:
32/32 SLIDES
“Inflation appears to be a major driver of the misalignment between expectations and reality, a double-edged sword that undoubtedly increases actual spending but also reduces spending, likely out of a desire to protect their future purchasing power,” explained Bridget Bearden, Ph.D., research and development strategist, EBRI. “Having a spending plan before transitioning to retirement is important to retirement well-being.”
COVID-19 Wreaks Havoc on Retirement Plans
Erik Barnes, from Retirement Portfolio Partners, commented, “Retirees built up a lot of savings in 2020 and 2021 due to the covid-19 pandemic. Now that the world is opening back up, they can spend their money on things they planned on doing when they retired. However, when you add in inflationary adjustments to everything they want to do (travel, food, fuel, cars), you get an increase in spending.
They lost two years of their retirement, and now they are making up for it before age, and health won’t allow them to do the things they envisioned.”
Alport stressed that change is possible, “It all comes down to reviewing their spending and tweaking non-essential expenses. For example, dining out seems to be the largest expense for most people. For a married couple, is having two vehicles necessary? Perhaps it’s time to consider downsizing to a smaller place if housing costs become too prohibitive. For some, taking on a part-time job doing something they enjoy may help to bridge the gap too”.
The Study
The study included a sample of 1,998 American retirees between the ages of 62 and 75.
The majority of the retirees surveyed were in their 60s. The average birth year for the sample was 1955, reflecting an average age of 66 for year-end 2021. Median birth year and age were similar, at 1956 and 65 years, respectively, as of year-end 2021.
Survey respondents were 45% male and 55% female. Over half (56%) reported being married or living with a partner, and 44% reported being divorced, separated, or widowed.
EBRI Retirement Security Research Center, Alliance for Lifetime Income, LGIM, and Edelman Financial Engines provided financial support for the study.
“This study underscores how expanding availability of professional financial help and improving awareness of protected income options contribute to comprehensive spending plans for retirement and can improve retirement security,” said Jason Fichtner, Ph.D., senior fellow, Alliance for Lifetime Income & Retirement Income Institute.
More From A Dime Saved:
The Dark Side of Gen Z: Problematic Trends We Need to Leave Behind – A Dime Saved
The Romanticization of Mental Illness
The first response came from a Gen-Z’er! They said, “Gen Z here. Romanticization of mental illness or crime.” Someone else added, “They wear it like a badge, which naturally invokes sympathy. Nothing wrong with creating more openness around the subject, it’s a medical condition. And like with any medical condition, it typically doesn’t define someone. I really don’t want to know about anyone’s (outside of loved ones) medical conditions and absolutely don’t want just anyone knowing about mine. And, I wish I understood why this generation’s relationship with it is so boastful.”
While talking about mental illness is important and making sure there is no stigma surrounding mental illness is a noble endeavor, the romanticization of mental illness can be scary.
Documenting Themselves Committing Crimes and Then Posting Them to Social Media
Gen-Z posts everything! Unfortunately, they either don’t understand that posting themselves committing a crime is a good idea, or they don’t care.
A Tragic Story
One Redditor shared a tragic story, “[I] was at a (car) accident reconstruction engineering office this summer and a 20 ish yo guy drove of the edge of the road and died and his snap story from the night was a video of his speedometer at 100+ in the dark in the rain and he was bragging that he was going fast (and also drunk).”
A millennial added, “Yeah, but, it just seems obviously stupid to me as a millennial to document your crimes and broadcast them. Although I’m paranoid about surveillance and s*** always.”
Inviting Crime by Posting
Of course, we are not trying to victim-blame, but please make it less easy for the criminals to find you!
One person posted about another drawback of posting too much information online, “Look what a fun life I have, I’m here on the mountains with my entire family nobody is home for 2 weeks pls come rob me.” Another commenter agreed, “Absolutely, I always post about vacations, family trips and the like AFTER we took them. I don’t have that many people on Facebook anymore but you never know.”
They Film Everything
Gen-Z likes to film everything, unfortunately not always with consent. Not everyone wants their actions to be recorded forever.
“I went out drinking with a mixed age group,” shared one poster, “We got silly drunk, and had a good time. A few months later, one of the younger girls posted a “hilarious” video of me blackout drunk and acting stupid. Nothing illegal, just embarrassing. It was horrifying. Like, why would you video someone that vulnerable, and then put it out in public? Like, what other videos did they take? She took it down, but didn’t understand at all why I was so angry at her – because she posted dumber s*** of herself all the time! Never again. I’ll just stick with my older friends who know not to film anyone doing stupid s***.”
Getting Fired Because of Social Media
Continuing with the theme of not being careful of what they post online, someone posted, “Gen Z getting themselves fired from work over TikTok is such a common occurrence.”
It’s a good idea to refrain from posting work-related content on your social media unless it is anonymous our you are 100% sure that your work is ok with it!
Micro-Labeling Everything
Moving from the Millennial generation who tried to get rid of all labels, Gen-Z likes to label everything and anything!
Someone said, “The way everything needs to be a micro-label or aesthetic, and the differences between some of them feel so minuscule that I’m not sure why they all need to exist in the first place. I’ve seen both “clean girl” and “vanilla girl” on TikTok but…those both just seem like minimalism to me?” someone else agreed, “Except “clean girl” also seems like there are 50+ skincare products required which is the opposite of minimalism?? I can’t keep up.”
Weird TikTok Reels
Some people just don’t understand the weird TikTok trends, “Posting videos where they’re just making faces with some text while a song plays that usually has nothing to do with the text. Just talk?”
Weird TikTok Reels
Another Redditor agreed, “I don’t know if this is Gen Z specific, but TikTok / reels / etc in general are so full of these. Putting your face side by side with someone else’s video so we get your “reaction” to it, when that reaction is just making stupid faces. I mean, I’ve come across some actually entertaining “reactions” where they play the original video first, then cut to the reaction and it’s someone actually saying words out loud about what was good or bad about it. This other s*** is just… ugh. How/why would someone find that entertaining?”
Diagnosing Mental Illness
A Gen-Zer posted, “As a Gen Z myself, I find trying to diagnose ourselves with a mental disorder pretty weird. I’ve never done it and I would never do it but I know some people who do it just for attention and stuff. Pretty annoying for people who are actually suffering in my opinion.” Someone says it goes even further, “It doesn’t seem like you just diagnose yourselves, it seem like you’ve diagnosed everyone else -I swear everyone on Reddit’s last GF was a full blown narcissist.”
While we love that mental illness is not taboo anymore, maybe leave the diagnosis to the professionals?
Labeling Everything
Gen-Z like to label everything!
“Millennials fought a crusade to do away with labels. You’re a person and can do whatever you want and don’t need to be labeled. Gen-Z seems to be dead set on labeling everything. As many labels as possible, and you must abide by what your labels say.”
Control
Someone added, “I was wondering when I’d get to this comment. I wonder if they do it out if an attempt to “own” their own labels, as if controlling that somehow gives them control of other things in life. Of course, it does not. There’s a lot more to be said here, but my tuna sandwich awaits.”
Hope the sandwich was good!
Refusing to Talk on the Phone
“[They] Hate talking on the phone to…anyone” said one person but some people jumped to Gen-Z’s defense on this one: “Well if everyone didn’t spam call every Millenial and Gen Z to the point that they barely answer their phone, that would be great! I actually remember when cell phones wouldn’t get spam calls and there were national do not call lists with consequences.”
I also hate when people call me on the phone, so I get this one!
Vaping
One person doesn’t understand the addiction to vaping, “As someone who vaped for a while as one step on the path of quitting smoking cigarettes, it seems bizarre that people are choosing to get addicted to nicotine by the branding and marketing power of…fruit flavours and colourful plastic? I really don’t get it. I mean, yeah, choosing to start smoking cigarettes is dumb too but there’s much more historical cultural and social context to cigarettes. Vaping just seems so unbearably lame to me! No offence to those who enjoy it, of course!”
Cancel Culture
Is Gen-Z too strict with their moralizing?
“Trying to “cancel” singers/rappers/actors for things they said 30 years ago when social norms were different,” one person said. Another added, “This one. I’m almost 24 and this trend is so irritating and hypocritical.”
Someone took it even a step further, “Gen z is the most pretentious moralistic and puritanical gen since maybe the lost gen.”
Pranking for “Clout”
Many people did not like the trend of “pranking” people and then posting about it on social media.
One person said, “I’ve seen one that regularly goes into a store like Home Depot and pretends to be an employee and then films the real employees who seem to be going a little overboard in their reactions; but I’m just like this poor guy is just trying to get through his workday without this bull****.”
Pranks Aren’t Funny
Another said, “I just saw a man was getting charges pressed against him for attacking a kid that was “pretending to steal his luggage as a prank.” The ‘prankee’ grabbed the kid by the hair and probably did go a little overboard but the number of comments I saw defending the kid amazed me. JUST LEAVE PEOPLE ALONE!!”
And yet another added, “I feel like a boomer (I’m not, I’m a millennial) thinking to myself, if there were videos of these kids getting the tar kicked out of them I bet there’d be less of them.”
Hyperbolic Language
One person went on a bit of a rant about the language hyperbole that Gen-Z uses. “The use of hyperbolic language. Everything is defined in the most extreme terms and often not even accurately. Old guy dates a women in her early twenties or something, he’s a [redacted]. Some guy takes advantage of them even if they’re all adults and they were “groomed”. Parents don’t say yes to everything or set boundaries for themselves – narcissists. Spanking is abuse. Their break up is “trauma”. Some is a jerk, they’re clearly a psychopath.
It’s just absurd. Words have meaning. And it’s like they think they need to frame everything in the most extreme context for their experience to be valid or something. Sad, disappointed, angry, frustrated, conflicted, hurt…are all perfectly valid feelings. You don’t need to paint someone or something as diabolical to have your feelings and experiences be valid.”
Gen-Z Trends
We hoped you enjoyed this Reddit list of Gen-Z trends that we don’t understand! Also, check out these things that are 100% a scam but accepted in society.
This post originally appeared on A Dime Saved
A Dime Saved
Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.
