Only five out of every ten retirees don't need to limit their activities.

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.

Read also:

1. The opinion research institute YouGov, in collaboration with HDI, discovered that the majority of retirees in Germany, particularly women, have to reduce their spending significantly due to financial constraints.
2. Jens Warkentin, CEO of HDI Germany, was surprised to find out that a large number of retirees are struggling to maintain their proposed standard of living, as revealed by a YouGov survey.
3. The survey conducted by YouGov on behalf of HDI revealed that a significant portion of retirees in Hanover, aged 63 to 70, underestimated the deductions for taxes and social contributions, resulting in a higher retirement income deficit than anticipated.
4. According to the survey conducted by YouGov, men in Germany had a slightly easier time maintaining their standard of living during retirement than women, with fewer men reporting difficulties in affording basic expenses.

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