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Inflation causing 25% of people in US to delay retirement, survey shows

On The Money NerdWallet High Interest Loans
Posted at 12:39 PM, Jun 02, 2022
and last updated 2022-06-02 16:01:51-04

About 25% of Americans will need to delay their retirement due to inflation rising, a new survey showed.

BMO Harris Bank conducted its poll from March 20 to April 25.

It found that, due to prices rising on everyday products, younger people’s retirement funds will be affected the most.

More than half of people between the ages of 18 and 34 said they’ve had to reduce contributions to their savings.

About a third of Americans have reduced how much money they put into their savings and about one-fifth have reduced their retirement savings, according to the survey.

Experts who were part of the survey recommend people seek advice from a financial expert on how to successfully manage personal finances and maintain momentum toward their financial goals.