“Americans Reducing Retirement Savings And Taking On Debt Due To Inflation”

“Americans Reducing Retirement Savings And Taking On Debt Due To Inflation,” Advisor Magazine

“Ongoing inflation has set back Americans’ ability to prepare for their financial future by causing them to reduce savings, take on debt and withdraw from retirement accounts, according to the 2024 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). Americans are more focused on their present finances than setting themselves up for the future. About two in three (67%) say they are more concerned about paying bills than about their financial future. Millennials (76%) are more likely than Gen Xers (64%) or boomers (50%) to feel this way. More Hispanic respondents (79%) than Black/African American (74%), Asian/Asian American (68%), and white (63%) respondents say they are more concerned about paying bills now.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

The message is finally getting through to Americans. All those benefits and free stuff you get from a big spending, money-printing and borrowing government aren’t free. You don’t pay for them in taxes. That’s too unpopular politically. Rather, you pay through inflation, the cause of which is easier for politicians to hide and obfuscate. Once the public makes the connection, that higher prices come from the government creating too much money without an increase in available products and services for the excess money to buy, they’re will be serious economic and political consequences.