Last year’s soaring inflation rate contributed to a big dip in retirement savings for millions of Americans, and the problem might not get much better this year unless inflation falls well below current levels.
One-quarter of U.S. workers cut their retirement savings in 2022 because of financial pressures created by the highest inflation rate in more than four decades, according to a new survey released on Thursday by the TIAA Institute and George Washington University’s Global Financial Literacy Excellence Center (GFLEC).
Of those workers, nearly half (12%) stopped saving entirely. Hispanic Americans felt the biggest impact, with 40% saving less and nearly one-quarter (24%) forced to stop saving altogether. Roughly 40% of Hispanic Americans, Black Americans and GenZ-ers said they typically find it difficult to make ends meet. Click HERE to read more.