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10 Top Ways Retirees Plan to Spend Their Savings

10 Top Ways Retirees Plan to Spend Their Savings Retirees plan to use their savings in ways that may surprise you. ALPA PROD / Shutterstock.com Despite the uncertainties of the last year, nearly three-quarters (74%) of a representative sample of American workers and retirees recently told pollsters they’re feeling “confident” they’ll have enough money to last the rest of their lives. Roughly one-third of those optimists (29%) are “very confident,” according to the annual Employee Benefit Research Institute’s annual Retirement Confidence Survey. Pollsters for the nonpartisan think tank interviewed a racially and ethnically diverse sample of 3,017 people age 25 and older. About half were retirees; the rest were workers. The research was done in January 2021. The EBRI routinely studies topics related to workers’ retirement, health and benefits.

6 Legal Documents That Most Retirees Don t Have

6 Legal Documents That Most Retirees Don’t Have Chris Kissell © DiMedia / Shutterstock.com A majority of retirees 53% have a last will and testament. But most lack six other crucial legal documents. Popular Searches 32% have a power of attorney or medical proxy, which allows designated people to make medical decisions on the retiree’s behalf. 30% have an advance directive or living will, which communicates their end-of-life medical preferences to health care providers. 28% have designated a power of attorney to make financial decisions on their behalf. 19% have written funeral and burial arrangements. 18% have filled out a Health Insurance Portability and Accountability Act (HIPAA) waiver, which allows designated people to speak to health care and insurance providers on the retiree’s behalf.

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