The survey recorded its biggest decline since the global financial crisis of 2008. Craig Copeland, director of wealth benefits research for EBRI, explains.
Why the big drop? Inflation has had the biggest impact. Among retirees, 42% said the high cost of living contributed to their loss of confidence and 25% cited a lack of savings. And the two are related.
What's the connection? When things cost more, that leaves less for savings. Nearly 60% of retirees report that their retirement account balances decreased over the past 12 months, and two-thirds worry that the increasing cost of living will make it harder for them to save money. In addition, 58% are concerned they will have to make substantial cuts to their spending. The poor performance of the stock and bond markets also had an impact on retirement balances.
Denne historien er fra October 2023-utgaven av Kiplinger's Personal Finance.
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Denne historien er fra October 2023-utgaven av Kiplinger's Personal Finance.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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