Retirement savings take a hit amid high inflation


A larger portion of our salary will pay the bills as we adjust for higher rent and housing costs, rising monthly car payments, and continued high prices for food, clothing and airfare. .

Who doesn’t want to think about how much money you want to set aside from each paycheck for retirement? Throw cash into a 401(k) plan? When you need $700+ monthly car payments What? Or did the rent just go up by $250 a month? At least some people are thinking twice.

According to a newly released survey of the 2023 TIAA Institute-GFLEC Personal Finance Index, one in four adults, including those employed part-time and full-time, will be in financial distress because of the impact of inflation on their finances. says it will reduce retirement savings in 2022. .

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