HOUSTON – The “American Dream” seems to be just that – a dream.

The cost of living not only affects the ability of young people or college graduates to live the “American dream,” but also retirees.

According to a new report from BadCredit.orga financial education platform, 59% of retirees do not have sufficient funds for retirement and more than half are forced to change their lifestyle due to financial difficulties.

88% of those who have changed their lifestyle blame the high cost of living.

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“Now more than ever, it is important for working people – especially those approaching retirement – ​​to save and invest extremely aggressively for the future,” says Erica Sandberg, financial expert at BadCredit.

The survey of more than 800 Americans ages 65 and older found that while 78% of seniors are retired, more than half do not have enough money to support their retirement. Those seniors who are still working expect to retire at age 73.

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Despite retiring at 65 or earlier, 59% of retirees surveyed said they do not have enough money for retirement.

• More than one in three (35%) do not feel financially stable.

• 35% had trouble making ends meet after they stopped working.

• One in four pensioners had to go back to work due to a lack of financial resources.

• Unexpected emergencies and the associated costs represent the biggest financial problems for retirees.

This is how pensioners will struggle financially in 2024:

• The best ways for seniors to reduce costs: Reducing restaurant visits, travel, entertainment and major purchases

• The biggest financial concerns of Americans over 65: unforeseen expenses, rising living costs and exceeding savings.

• Top expenses that retirees can hardly afford: unexpected emergencies, travel, daily living expenses, home repairs and maintaining lifestyle.

For all Americans ages 65 and older, whether retired or not, unexpected expenses, rising living costs, and depleting their savings are the biggest financial concerns.

Check out the full report here.