Business News - Retirees scaling back in golden years

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Retirees scaling back in golden years

NEW YORK (UPI) -- U.S. retirees, finding the cost of relaxation has gone up in recent months, are cutting back on travel and other expenses, various surveys showed.

A survey sponsored by Principal Financial Group found more than half of retired respondents indicated they had reduced their spending in the first quarter of 2008 due to economic conditions, USA Today reported Tuesday.

In a similar survey, conducted by AARP in April, more than half the respondents aged 55 to 64 indicated they had cut back on travel due to the economy, the newspaper said.

Retirees are postponing trips to see relatives and buying vacation homes. Some are cutting back on volunteer work due to the price of gasoline, the report said.

Larry Page, 68, of Chattanooga, Tenn., said "it's a different world than we ever anticipated."

Page and his wife, Fran, are taking one trip this summer, an Alaskan cruise that was a 50th wedding anniversary gift from their children.

But, when he returns home, Page said he has plans to find a job, the newspaper reported.

Copyright 2008 by United Press International

This news arrived on: 07/01/2008

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