Retirement Account Keep Shrinking in Biden’s America
(AmericanProsperity.com) – Inflation has crippled the American economy, leaving many people struggling to get by. The current situation has forced one-fifth of Americans to put off their retirement plans. Many overlook the fact their retirement accounts are shrinking in the process.
Retirement dreams fade as inflation lingers, market falters and prices rise https://t.co/LQaGF3aZiz
— Newsweek (@Newsweek) September 22, 2022
The elevated inflation rate in the US has shown no signs of letting up anytime soon, forcing those nearing their golden years to reevaluate plans. The Global Retirement Index from Natixis claims 2022 may be the worst year to leave the workforce, citing inflation and markets being down. The index notes that anyone moving ahead with retirement right now would be taking a risk of withdrawing funds from already exhausted accounts.
Healthcare costs, the increased prices of everything from energy to food, and higher interest rates are making it more difficult for people to save money for the future. Many have had to lean on savings to negate the impacts of the increased living expenses, causing their accounts to shrink. According to Country Financial lead financial planning consultant, Scott Jensen, the social safety net is shrinking. In combination with the increased difficulty of saving, the popular vision of retirement has drastically changed. The consultant noted that if a person sees years of negative returns in the early stages of their retirement, they may find themselves in a hole they can’t escape.
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