Only about half of workers with 401(k) plans said they feel confident they’ll reach their retirement savings goals. Inflation is the latest obstacle Americans face when saving enough for retirement.
Only about half of workers with 401 plans said they feel confident they’ll reach their retirement savings goals, according to a new survey from Charles Schwab.
Inflation is the latest obstacle Americans face when saving enough for retirement. In June, the rate hit a 41-year high of 9.1%, and retirees and workers alike are seeing it reflected in their grocery, utility and gas prices.
More than four in 10 people said they have changed their 401 investments as a result of rising costs and market volatility, and 79% said they are changing the way they save and spend, the Schwab survey found. In an effort to combat these rising costs, the 401 participants in Schwab’s survey said they are reducing the number of purchases they make, buying cheaper products and paying off debt more slowly.
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