The already retired are screwed more:
a)If they have a pension plan, most will file bankruptcy and
the payments will either stop or be a small fraction of the expected payment.
b)If they have a fixed income the printing of money will be expanded to pay for unfunded entitlements, and the lying about inflation will continue to keep the COL adjustments low.
If you are yet to retire, invest in assets that will keep pace with inflation. Invest in marketable skills/activities that generate income.
I also took out an IRA annuity through an insurance company. By contract, it cannot pay lower than 4%. The agent and I chuckled at the time — interest rates would never get that low. Now, that 4% looks pretty good when I get my annual statement.
In the early 2000s I took out some CDs. They were paying around 5%. A couple of years later, the renewal rates were 4%. Then, 3%. Next, 2%. I dropped them and converted the money back to the money market account, because the money market was actually paying a half-percent more than the CDs.
Interest rates for the last decade have devastated retirement funds.