Half of Americans hit the pause button on their retirement savings plans in 2022 due to the inflation-fueled increases in the cost of living, according to a new national survey from U.S. News & World Report’s 360 Reviews.
The survey of 2,000 adults found nearly one-third of respondents had to withdraw some of their retirement savings last year to keep up with the rising costs of living. The survey also found nearly three-fourths (72%) of respondents reevaluated their retirement plans due to Covid-19 and its economic effects, with one quarter (27%) saying they have greatly reevaluated their plans.
“The survey data shows a clear correlation between the rise of inflation and Americans”™ delayed or altered retirement plans. Americans continue to worry about the future repercussions of the COVID-19 pandemic,” said Scott Nyerges, senior insurance editor at 360 Reviews. “However, with 57% of respondents believing the economy will be stronger by the end of 2023 and 61% believing their personal retirement situation will improve in 2023, optimism does remain among the public.”
