NU Online News Service, March 1, 2004, 1:25 p.m. EST – Six out of 10 retired Americans say they are trying to live on their Social Security and pension benefits so they can leave their retirement savings untouched, a survey by Prudential Financial, Inc., Newark, N.J., finds. The remaining 4 out of 10 said they use part of their retirement savings to generate additional income.
But only 18% said their focus is to generate regular income from savings. This holds true even for retirees who have accumulated savings of $500,000 or more, Prudential found.
One in 3 retirees plans to spend down only some of their savings, while 24% plan to spend down most of their savings eventually, according to the study.