26 percent of retirees said their retirement expenses were higher than they expected, according to a study from LIMRA. The study also found another 4 in 10 retirees underestimated health care and long-term care costs.
On average, surveyed retirees said they spend half of their incomes on basic living expenses, like housing and food. LIMRA researchers say those retirees who conducted retirement planning activities or wrote a formal plan tended to see their expected retirement expenses match what they actually were.
Researchers said enlisting the help of a financial adviser may help close that gap.