Social Environment Undergoes Transformation - Only five out of every ten retirees don't need to limit their activities.
According to a survey by the research firm YouGov on behalf of insurer HDI, most retirees in Germany need to slash their spending in their golden years. The poll revealed that 81% of respondents aged 63 to 70 can't afford as much as they initially believed, with 55% stating they are forced to make even more severe cutbacks than anticipated. A mere 22% of those surveyed said they can live comfortably on their pension, just as planned.
Female retirees were more severely impacted than their male counterparts, with 44% finding it impossible to maintain their standard of living after making cuts. In contrast, only 34% of male respondents faced this issue.
HDI's Germany CEO, Jens Warkentin, expressed surprise at the high percentage of retirees struggling to maintain their lifestyle: "We knew some would have limited financial flexibility, but the number of people who simply can't maintain their standard of living is surprising."
The majority (55%) of respondents admitted that they'd underestimated the deductions for taxes and social contributions, leading to a higher-than-anticipated retirement income deficit.
Retirees mostly cut back on expenses related to cars and vacations. 51% of respondents can no longer afford a car of the same price range, while 52% completely forgo long-distance travel. Additionally, 33% give up traveling within Europe, and 16% forgo day trips. Meanwhile, 57% of respondents eat out less frequently or not at all since retiring. The survey included input from 1,053 retired women and men between the ages of 63 and 70.
