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08/12/2014 10:49 am ET

Retirees Are Living On Less And Loving It

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Retirement is not something to be feared. Sure, in our working years we worry about how it might all work out. But by and large, retirees are living on less and are quite contented, according to new data compiled by T. Rowe Price. The national sample of 1,507 retirees have been in retirement for one to five years and have a rollover IRA, or an account balance in their 401(k) plan.

While many advisors suggest targeting a retirement income that is 80% of your working life wages, individuals nearly three years into retirement report living on an average 66% of their pre-retirement income.

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