“54% of Consumers Have Cut Retirement Savings Due to Inflation: Allianz Life,” by Michael S. Fischer, ThinkAdvisor
“The share of millennials that reported stopping or reducing retirement savings because of inflation was even higher. Gen Xers worry that if they do not increase their retirement savings soon, it will be too late to have a comfortable retirement. More than 70% of participants said they were keeping some money out of the market to protect it from loss.”
LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:
The issue is complex. Here’s the essence. Government created moral hazard by promising income safety (Social Security), medical care (Medicare), and long-term care (Medicaid), so people didn’t worry about planning for those retirement needs. Then government overspent and forced interest rates artificially down to near zero resulting in massive inflation and mal-investment. Now it’s too late for people to save, invest or insure for their own retirement, but the government promises can’t be kept, and the public is having to pay off the national debt through inflation. What a mess!
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