Posted on 06/02/2022 5:14:22 AM PDT by gattaca
Millions of Americans say they likely will have to push back their retirement because of rising inflation, newly released financial survey data found.
The BMO Real Financial Progress Index, a quarterly survey from BMO and Ipsos, showed that a quarter of Americans will likely need to delay their retirement because of higher prices.
“Nearly 60% of those surveyed said that inflation has adversely affected their personal finances, of which about one in four said that they have felt a major impact,” the group said. “As a result of inflation, 36% of Americans have reduced their savings and 21% have reduced their retirement savings. A quarter of Americans will need to delay their retirement. Younger Americans are feeling the most impact – over 60% of those aged 18-34 said they had to reduce contributions to their savings.”
This survey of more than 3,400 adults was conducted from March 30 to April 25.
Prices on a range of goods and services have soared since President Joe Biden took office, with energy costs leading the way. The latest data on the consumer price index, a key marker of inflation produced by the Bureau of Labor Statistics, has reported the highest inflation rate in four decades.
“The all items index increased 8.3 percent for the 12 months ending April, a smaller increase than the 8.5-percent figure for the period ending in March,” BLS said. “The all items less food and energy index rose 6.2 percent over the last 12 months. The energy index rose 30.3 percent over the last year, and the food index increased 9.4 percent, the largest 12-month increase since the period ending April 1981.”
Those price increases are forcing many Americans to change their spending habits. According to the BMO survey, ”80% of Americans surveyed plan to change their actions to offset the impact of inflation and rising costs of everyday essentials.”
That includes looking for cheaper groceries, eating out less, driving less, canceling vacations and more.
"Prices across the board – from cars and gasoline to groceries and other everyday essentials – are rising at the fastest pace since the 1980s,” said Paul Dilda, head of consumer strategy for BMO Harris Bank. “Consumers must think differently about their finances in this inflationary environment."
The survey comes alongside recent polling that shows the majority of surveyed Americans blame Biden for inflation. Convention of States Action, along with the Trafalgar group, released polling this week that found that “59.9 percent of American voters believe that President Biden’s policies and spending are the leading contributor to rising inflation in the U.S.”
Biden has acknowledged rising prices but pointed to the invasion of Ukraine, blaming Russian President Vladimir Putin, though prices began rising well before the invasion.
According to the poll, many voters do blame Putin, but more hold Biden responsible, with only 31.6% saying that “Russia’s war with Ukraine is the leading contributor to rising inflation in the U.S.”
Democrats don’t care. They get enough votes from those who don’t work.
President Burden is doing a bang up job.
IF they can avoid retirement. Many are forced out because of age, health, whatever. We’re going to be seeing plenty of 70 year olds bagging groceries.
It seems as if any one entity is getting more of "it," it's the government--its revenue is increasing as a higher percentage of taxes. Surely, it's not paying out any more in benefits. Thoughts>
Let's put it this way, I've lost many more times $$$ in my 401k than will be contributed over the next many years.
I went from 62 to 67 and now it’s 70. And that’s assuming the market will be stable for the next few years.
They mean work till you drop. Right?
Worked remote my last 3 years before retirement. The apt trash bins were at my entrance into the building, it was heartbreaking the number of 70 somethings diving to recycle cans, most would come by 2-3 times a day.
They should look on the bright side..
Yes, you will not be able to retire now
and Yes, you have no saving left
and Yes, you investments are worthless now
and Yes, every time to fill up you car or buy groceries now you have to check your bank balance
But you wont have to see Trumps mean tweets anymore!
I hope it was worth it!
Retired at the end of 2019. The plan was to pad my retirement account for 4 more years under a flourishing Trump economy.....so much for that.
I bailed on the stock market in February. After losing around $2k I could see the train in the tunnel approaching so basically right now its nothing more than a savings account.
We’re OK so far but all big purchases are on hold.
New roof on the house in 2018, New HVAC in 2019 and the home is paid off in 3 years so it could be worse.
It’s no wonder tons of people are flocking to my state.....moving here and escaping high taxes and ver priced real estate is probably like getting a raise to many.
Money is a medium, an object used to trade things that have real value such as labor, food, land, minerals, and energy.
The people in control of the creation of money simply take some for their trouble, and trade for nice houses, great food, servants, aircraft, armies, and energy.
If money is to have an “even” value, relative to the objects traded for, money is created in proportion to production and trade. If production and trade drops off, the way to maintain stable value is to reduce the money supply. Literally “destroy money.” This does happen, but it’s counter-intuitive to our regular notion that money lasts forever.
The NPRtards are already in full gaslighting mode this morning. They were spinning this very story and how “this is a good thing”.
“I did that!”
If Biden and his puppet-masters are not stopped—and soon!—they’re going to delay retirement indefinitely because the entire US economy will be destroyed—which is all according to their plan.
Stolen elections have consequences.
I was in Walmart Grocery earlier this week and noticed a lady checker. She used to work as a checker at the Walmart Supercenter on the other side of town.
Once, we had a brief chat as she was checking me out. She said she had to work, even though she was 85 years old. That was at least 5 years ago.
“We’re going to be seeing plenty of 70 year olds bagging groceries.”
My parents retired at 62 and 63, sold their home in California and moved to Arizona on 1989. After 6 years of traveling, camping, golfing and fishing, they both went back to work part-time. They didn’t need the money, they were just bored out of their minds. My dad was a retired electrical engineer by profession but got a part time job at the local True Value hardware store and my mom got a job at Walmart as a greeter.
One of the last conversations I had with my father he said the biggest mistakes he ever made was retiring. He said we all need a reason to wake up in the morning and at 70 years of age his purpose was working at the hardware store solving repair/maintenance problems from clueless retirees with their basic home repairs. He was so good at his job that customers in town were referring their neighbors to go to True Value instead of Home Depot and ask for “John” to get them squared away. He was so good at his job and brought in so much business that the guy that owned the store wanted to make him the store manager. He refused of course. It wasn’t about the money. It was about having purpose and helping others.
With that in mind, I doubt I will ever retire willingly. They will need to physically kick my ass to the curb before I stop working.
Same here.
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