Conventional wisdom says Americans are not saving enough for retirement. To make matters worse, nearly 40 percent of retirees say they are spending even more than anticipated.

A new study by Global Atlantic Financial Group, a financial services firm with offices in New York City and elsewhere, said 39 percent of Americans are spending more than they budgeted for and 49 percent of pre-retired consumers aged 40 and up believe planning for retirement is more difficult for them than it was for their parents.

The survey included 4,223 people split nearly evenly between retirees and those aged 40 an over who are not yet retired. The study examined spending habits of retired and non-retired people and compared those with sources of income outside Social Security and those without.

On average, a non-retired consumer spends $2,993 a month and the typical retiree spends 32 percent less ($2,008). Most common areas where retirees are spending less than pre-retirees include discretionary expenses such as entertainment (29 percent less), dining out or restaurant take-out (24 percent less), traveling (18 percent less) and housing (23 percent less on mortgage payments and 22 percent less on rent).

Those with incomes from pensions, annuities and other sources are obviously better off than those without and spend more during retirement, the study said.

The average retiree with a pension spends 39 percent more than those without a pension ($2,379 compared to $1,709), and 20.5 percent less than pre-retirees. Those with an annuity spend 37 percent more than the average retiree who does not have an annuity ($2,545 a month compared to $1,850 a month), and 17.6 percent less than pre-retirees.

“Many Americans adjust their lifestyles and cut spending once they see how quickly costs can add up in retirement,” said Paula Nelson, president of retirement services at Global Atlantic. “Our study indicates that while those with pensions and annuities still often make changes as they age, there isn’t as much of a need to drastically adjust their spending.”

Although they may have to adjust their expectations for how much they will spend, 66 percent of pre-retirees say that they are on track to generate enough income to meet their needs.

“Financial planners have traditionally used the analogy of a three-legged stool to discuss retirement planning; the three legs symbolized Social Security, pensions and personal savings,” Nelson said. “However, as pensions gradually disappear, personal savings are often insufficient and uncertainty around Social Security grows, these three legs are increasingly seen as inadequate, leaving individuals and their advisors searching for other income sources.”

“The fact that retirees spend less than non-retirees may not be by choice, as more than half of retirees have retirement planning regrets of not saving enough, relying too much on Social Security and not paying down debt before retiring,” Global Atlantic said. While almost everyone has some regrets, women (62 percent) are more likely than men (42 percent) to have retirement planning regrets, the study said.