A new study by financial services giant TIAA found inflation forced 1 in 4 Americans to slash the amount they were saving for retirement last year, adding to a mounting crisis.
Breitbart’s John Carney dissects President Biden’s touting of his failing economic agenda and the debate over the debt ceiling on ‘The Bottom Line.’
According to new data, a year of surging prices for everyday expenses squeezed Americans' budgets to the point of kneecapping an alarming number of U.S. households'The TIAA Institute and George Washington University's Global Financial Literacy Excellence Center's latest Personal Finance Index released last week foundforced a quarter of Americans to slash their retirement savings and a full 12% to quit saving entirely over the last year, concerning researchers.
"This steep of a drop – on top of a crisis where 40% of Americans already don’t have enough saved for retirement – means many families will have to work even harder to achieve a secure retirement," said Surya Kolluri, head of the TIAA Institute. Kolluri says the reduction in savings could have lasting effects that will make it more difficult for people to reach the point of being able to survive in their golden years.
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