How Inflation is Impacting Retirement Savings

Inflation impacts every aspect of our lives, including how much money Americans think they will need for retirement. According to an article by USA Today, most people think they’ll need $1.46 million to retire comfortably. That’s up 15 percent from last year ($1.27 million) and 53 percent from 2020’s target of $951,000 saved.

While Americans think they will need about $1.5 million to retire, most savings accounts are substantially less. The article states that, on average, U.S. adults have only saved $88,400 for retirement.

Rising costs are making it even harder to save for retirement. That is why we must ensure Social Security’s long-term solvency — millions of Americans are counting on it being there to support them during retirement.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA) and increased minimum benefits. This bill will also ensure the long-term solvency of the Social Security program — making sure it is available to all who need it.