Retirement living will be cheaper than expected, says study

With millions of people set to retire in the coming years, many experts warned that people are not saving enough money for retirement living, but a new study says most Americans have little to worry about.

As reported on, two economists from Rand Corp say most retirees tend to spend less than they did earlier in their lives, so they don't need as much money to live off as many experts say.

Our main finding is that a substantial majority, about 71 percent of those just past the usual retirement age, are adequately prepared for retirement, said Susann Rohwedder and Michael Hurd in their study, according to the news source.

The authors also wrote that couples tend to fare the best in saving for retirement, as well as those with a college education.

With North America's population continuing to age, the issue of retirement savings will continue to be important, especially as millions of people move into assisted living and retirement living communities.