Consumers have a hard time estimating how much they really will spend in their later years.

Researchers at Thrivent Financial for Lutherans, Minneapolis, have published figures supporting that conclusion in a summary of results from a survey of 800 working and non-working U.S. residents ages 60 to 74.

About 64% of the participants were fully retired, and 56% of those fully retired participants said they had guessed wrong about how much they would spend each month in retirement: 29% have been spending more than they had expected and 27% have been spending less, the researchers report.

About 32% of the non-retirees who had not yet retired admitted that they had hoped to be retired at this point in their lives.