Study: Retirement Savings Took a Beating in 2022
Breck Dumas reports that historically high inflation forced 25% of Americans to slash their retirement savings and a full 12% to quit saving entirely over the last year. That finding was in The TIAA Institute and George Washington University’s Global Financial Literacy Excellence Center’s latest Personal Finance Index released last week. The reduction in savings could have lasting effects that will make it more difficult for people to reach the point of being able to survive in their golden years, as Social Security only replaces about 40% of pre-retirement income. Full article here.