Study: Nearly A Third Of Americans Plan On Delaying Retirement Due To Rising Costs
One in four Americans are expecting to delay retirement due to rising costs in Joe Biden’s economy.
A survey by the American Advisors Group found that more than a third of Americans today feel unprepared or unsure if they are on track for retirement. And nearly a third of seniors say they either plan to work through the age of 70 or never retire, according to a study by BlackRock.
As Biden’s economy worsens, the dollar is worth less, and money invested in the stock market is losing value.
This has many Americans scrambling to find new ways to save by cutting expenses. And, as evident in this study, looking to prolong their time in the workforce. All the way up to when they die in some cases.
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The pandemic, a war in Europe, interest rate hikes, as well as fears of a recession have all led to significant turmoil in the market, which have drained retirement savings. But inflation is quickly shaping up to be the most disruptive force.
“If you’re retired and on a fixed income, inflation really, really hurts,” said (Nari) Rhee (director of the retirement security program at the UC Berkeley Labor Center). “We’ve come out of decades of historically low-interest inflation to all of a sudden pretty substantial inflation, especially in things that matter to people, which is food and fuel.”
One million dollars in a retirement account just two years ago is worth about $120,000 less when adjusted for inflation, and now, with that financial backdrop, a quarter of Americans say that are expecting to delay their retirement due to rising consumer costs, according to a survey by BMO Harris Bank.
Apart from prolonging retirement, Americans have bene beginning to use “buy now, pay later” apps to combat high grocery bills that have seen a 13.5% surge in recent months.
More and more retailers have begun supporting the option. Including Costco, Doordash, Safeway, and Starbucks.
“Installment-pay services such as Klarna and Afterpay offer interest-free short-term loans to cover purchases,” the Daily Mail explained. “But the fines for late payments can be steep, and critics fear their ease of use could lure shoppers into dangerous debt.”
Some Americans have even resorted to eliminating vacations and pushing off home repairs to keep extra cash around as prices continue to skyrocket.
This study shows that many Americans do not believe there is an end in sight for Biden’s tanking economy.
Working until at least 70 years of age – or even till death – because of rising costs was virtually unheard of 2 years ago.
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