{"id":32728,"date":"2022-06-01T22:26:59","date_gmt":"2022-06-01T22:26:59","guid":{"rendered":"https:\/\/harchi90.com\/inflation-to-force-25-of-americans-to-delay-retirement-survey\/"},"modified":"2022-06-01T22:26:59","modified_gmt":"2022-06-01T22:26:59","slug":"inflation-to-force-25-of-americans-to-delay-retirement-survey","status":"publish","type":"post","link":"https:\/\/harchi90.com\/inflation-to-force-25-of-americans-to-delay-retirement-survey\/","title":{"rendered":"Inflation to force 25% of Americans to delay retirement: survey"},"content":{"rendered":"<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Rampant inflation will result in a delayed retirement for a large swathe of Americans who are concerned about dwindling savings accounts and tight budgets, according to the results of a new survey published this week.<\/p>\n<p>With the costs of daily necessities such as food and fuel hitting record highs, 25% of Americans will need to delay their retirement to account for the reduced savings, according to the quarterly BMO Real Financial Progress Index.<\/p>\n<p>\u201cPrices across the board &#8211; from cars and gasoline to groceries and other everyday essentials &#8211; are rising at the fastest pace since the 1980s,\u201d said Paul Dilda, the head of consumer strategy for BMO Harris Bank.  &#8220;Consumers must think differently about their finances in this inflationary environment.&#8221;<\/p>\n<p>The impact to retirement plans is just one of several signs of the way inflation has affected American households.  Nearly 60% of respondents said inflation was having a negative impact on their personal finances, while 21% said economic conditions had cut into their retirement savings.<\/p>\n<p>More than 60% of Americans aged between 18-34 said they were saving less money while paying more for staple items.<\/p>\n<figure class=\"wp-block-image size-large\"><figcaption>Many Americans are dipping into their savings to cover the cost of daily staples.<\/figcaption><figcaption><span class=\"credit\">Getty Images \/ iStockphoto<\/span><\/figcaption><\/figure>\n<p>The survey found that about 80% of Americans are changing their daily habits to account for steep inflation &#8211; with 46% cutting back on dining away from home and 31% opting to drive less due to record gas prices.<\/p>\n<p>Meanwhile, 23% of respondents said they were spending less on their vacation plans &#8211; or canceling them entirely &#8211; while 22% were canceling subscriptions to services such as Netflix or their local gym.<\/p>\n<aside class=\"single__inline-module alignright\">\n\t<\/aside>\n<p>BMO&#8217;s quarterly index is based on a survey of 3,407 US adults.<\/p>\n<p>Food and fuel prices are two of the largest factors in inflation that hit 8.3% in April.  The cost of food rose 9.4% in April compared to the same month one year earlier, while energy costs rose a whopping 30.3%.<\/p>\n<p>Gas surged to all-time highs in May as the Russia-Ukraine war further disrupted shipments &#8211; a sign that the upcoming Consumer Price Index could show even higher energy prices when it is released next week.<\/p>\n<p>Another survey recently found that American travelers are now more concerned about gas prices and overall inflation than they are about COVID-19 case rates in their destinations.<\/p>\n<p>President Biden met with Federal Reserve Chair Jerome Powell on Tuesday as the central bank initiates its plan to tighten monetary policy in an effort to cool prices.<\/p>\n<p>In a separate development, Treasury Secretary Janet Yellen admitted that she was \u201cwrong\u201d when she initially downplayed inflation as a temporary issue that would resolve itself without the Fed&#8217;s intervention.<\/p>\n<\/p><\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rampant inflation will result in a delayed retirement for a large swathe of Americans who are concerned about dwindling savings accounts and tight budgets, according to the results of a new survey published this week. With the costs of daily necessities such as food and fuel hitting record highs, 25% of Americans will need to &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/inflation-to-force-25-of-americans-to-delay-retirement-survey\/\"> <span class=\"screen-reader-text\">Inflation to force 25% of Americans to delay retirement: survey<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":32729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[15931,116,483,4622,111,645,628],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/retirement-65.jpg?ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/retirement-65.jpg?quality=75&strip=all&w=1024","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/32728"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=32728"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/32728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/32729"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=32728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=32728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=32728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}