Preparing for retirement may take more time, money, and effort than you think. It is especially harder to transition this year as inflationary pressures intensify. Although it may benefit savers and lenders, its impact is less desirable than we think. It erodes the value of dollars and, in turn, hurts the purchasing power of consumers. Not even the financial market can’t dodge or at least cushion the blow.
Older Americans are more vulnerable to risks associated with economic volatility. Over the past decade, they have composed the majority of bankruptcy filings in the United States. The figures may increase further as uncertainties persist. Hence, it is no surprise that many would-be retirees have decided to continue working. This year, 25 percent would postpone their retirement, a massive drop from the previous year.
