A recent survey reveals that rising inflation and economic uncertainty are prompting many Americans nearing or in retirement to reconsider their plans. Over two-thirds of pre-retirees now plan to delay retirement, with 44% citing inflation as a key reason. Despite inflation moderating to 3%, its lingering effects and higher borrowing costs continue to impact retirement planning. Source*
Generation X is particularly affected, with 71% considering postponing retirement due to inflation and insufficient savings. Financial concerns are prevalent, as many workers feel they need $1.5 million to retire comfortably, yet many fall significantly short of this goal. Both Boomers and Gen Xers express worries about outliving their savings, and many have not taken steps to address these gaps.
In this challenging financial environment, proactive financial planning and debt management, such as consolidating high-interest debt with personal loans, may help improve retirement readiness.
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