SURVEY: Over Half of Americans Are Behind on Retirement Savings Due to Biden-Flation

October 25, 2022

Biden-Flation is holding back over half of American workers from saving for retirement, according to a new survey by Bankrate.

KEY FINDINGS:

Over half of Americans feel they haven’t saved enough for retirement.
Over half of Americans cited inflation as the reason they haven’t saved more for retirement.
Over seventy percent of Baby Boomers – the next generation getting ready to retire – said they’re falling behind on retirement savings.
Nearly a quarter of respondents didn’t save anything for retirement this year or last year.
Around 20 percent of Americans said they took money out of their retirement account in the last two years. Eleven percent of these took savings out to cover everyday expenses like groceries or utilities.

CLICK HERE to read the survey.

KEY TAKEAWAYS:

Americans are already struggling to make ends meet in Biden’s cruel economy.

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.
Biden-Flation has shrunk workers’ paychecks by nearly nine percent – the steepest pay cut in 25 years, according to analysis from the Dallas Federal Reserve.
With a majority of workers stressed about their finances amid rising prices, more than 20 percent report they’ve tapped into emergency savings to pay their bills, while another 20 percent report working extra hours.

Americans will suffer job loss under Biden’s recession, putting workers at every stage in their careers even further behind.

Economists anticipate monthly job creation will average 28,000 over the next year, which is significantly less than the Biden Administration’s own stated goal of monthly job creation averaging 150,000.
Experts are warning that in a recession, job losses will “disproportionately fall on some of the most vulnerable workers, including minorities and less-educated employees.”