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Fortune
Fortune
Orianna Rosa Royle

Meet the rich retired boomers who are now ultra-frugal because they are scared of going broke

United States Prudential Financial
Man with gray hair sitting on a bench and looking at his tablet (Credit: Eleganza—Getty Images)

It’s not just Gen Z who can’t afford the cost of living right now. Even wealthy boomers who have retired with at least six figures in savings are feeling the pinch.

That’s according to a study from Prudential Financial. The Fortune 500 investment, money management, and retirement planning firm surveyed around 20,000 people over the age of 50 and found retirees are living well below their means.

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