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.

Married 65-year-olds with at least $100,000 in financial assets withdrew an average of 2.1% of their savings annually—that is, nearly half the usual spending rate of retirees, according to the research .

David Blanchett, head of retirement research at PGIM DC Solutions, an affiliate of Prudential Financial and coauthor of the study, told The Wall Street Journal that since 1926,

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