Inflation SMACKDOWN – Americans Forced To DELAY Retirement?
(ConservativeHub.com) – The inflation crisis is hitting many people hard. The BMO Real Financial Progress Index’s quarterly survey revealed that 25% of Americans say they’ll have to delay retiring due to the economy. They state their decision to continue working is because they’re spending more, thus reducing their ability to save.
The survey, which took place from March 30 to April 25, also showed that 21% of people said they couldn’t put as much money into their retirement accounts, and 36% of those responding to the survey noted they’ve reduced their overall savings. BMO Harris Bank’s head of retail strategy, Paul Dilda, explained inflation is at a level unseen for many decades. He called it “daunting.”
Under Republican leadership, 🇺🇸 had a strong economy with wages up, retirement plans growing & record low unemployment. Now under total Democrat rule, Americans are struggling with higher costs, record inflation & delayed retirements. We must reverse!https://t.co/fhZmdAUMbi
— Office of Rep. Nicole Malliotakis (@RepMalliotakis) June 1, 2022
Adding to the stress of inflation, the stock market has fluctuated downward over the past several months. The change could be significant with so many retirement savings accounts keyed to stock investments.
The survey showed that although the current state of the economy is hurting soon-to-be retirees, it’s impacting those ages 18 to 34 hardest. Over 60% of respondents from this age bracket say they can’t save what they used to because everyday expenses are too high.
CNBC reported inflation is causing a shift in how Americans spend money overall. People are eating out less, setting stricter budgets, canceling vacations, and cutting out nonessentials.
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