However, a survey finds retirees with a guaranteed income stream from a pension or annuity are able to spend more.
Ninety-eight percent wish there was a way to make up for lost time, but 63% say they cannot take the chance of investing in higher risk financial products.
Yet, a significant number are not saving for retirement at all.
"Having a plan in place to manage their finances can help retirees feel confident about spending their assets and address the fears that may be holding them back,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise Financial.
Nearly half would like a digital retirement coach, an Accenture survey found.
The trustee is ordered to pay $234,271 in restitution, serve a year of probation and be barred from serving as a fiduciary to a benefit plan for 13 years.
According to a Sears announcement, following the making of a $407 million contribution, it will be nearly relieved of the obligation to make further contributions to the pension plans for approximately two years.
A report from the NIRS argues how DB plans create more savings and retirement income for teachers than DC plans.