Key numbers for Americans to remember in 2022
Paul Brandus of MarketWatch lists a plethora of important figures related to Social Security, Medicare, health care, retirement savings, and more in this piece. Inflation is the big story, of course, and it hurts those who have little if any ability to increase their incomes. As an example of how inflation destroys purchasing power, he notes that according to the Transamerica Center for Retirement Studies, the median savings for Americans in their 50s is $117,000. Median means half have less than even this modest amount. Then consider the current inflation rate—the consumer-price index—of 6.8%. That effectively makes that sum worth only $109,000.
The author’s main advice here is to keep working if you can and to save, save, save. Article here.