More than half of American adults have been forced to either scale back or completely cease contributions to their retirement savings as Biden-Flation continues to ravage the financial security of families, according to a new survey from Allianz Life as reported by CNBC.
Worse, 43 percent of American adults have had to prematurely dip into their retirement savings to make ends meet.
Americans are already delaying retirement amid surging prices with no end in sight.
- More than half of American adults are being forced to cut back or completely stop their contributions to their retirement savings.
- At least 43 percent of American adults have even had to dip into their retirement savings.
- More than half of Americans feel they haven’t saved enough for retirement.
- More than half of Americans cited inflation as the reason they haven’t saved more for retirement.
- More than 70 percent of Baby Boomers – the next generation getting ready to retire – said they’re falling behind on retirement savings.
- Around 20 percent of Americans said they took money out of their retirement account in the last two years, while 11percent of these took savings out to cover everyday expenses like groceries or utilities.
American families are suffering to make ends meet in Biden’s cruel economy and are bracing for recession.
- More than 75 percent of Americans are making changes to their lifestyle including delaying major purchases (34 percent), delaying paying down debt (29 percent), and cutting back on spending for the holidays (28 percent).
- More than 70 percent of Americans believe “their financial momentum is threatened” by skyrocketing grocery bills (78 percent) and the rising cost of gas (76 percent). At least 74 percent of Americans are concerned about inflation.
Democrat-fueled inflation is disproportionately hurting lower- and middle-income Americans, despite President Biden dismissing inflation as a “high-class problem.”
- According to Gallup, 71 percent of low-income households experienced some level of hardship due to rising prices when less than a third of high income households experienced hardship.
- The Penn-Wharton Budget Model estimated that higher prices outpaced an increase in earnings for many households earning less than $60,000.
- The Congressional Budget Office (CBO) and the Penn-Wharton Budget Model have also estimated that President Biden’s inflation tax costs the typical family $5,000 a year, and hits the middle class and those just starting their career or families the hardest.
- For working Americans, in just one year, Democrats wiped out three years of wage gains through inflation.
- More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.