Question: As part of our upcoming annual review, we want to spend some time evaluating the effect that inflation is having on our employees’ retirement planning efforts. Do you have any information to help guide our efforts?
Answer: A recent GOBankingRates survey found that nearly three-quarters (73.5%) of respondents say inflation is affecting their retirement planning in some way. Thirty percent say that they are trying to put more money away in retirement accounts to cope with inflation. This was particularly common among younger respondents, with 41% of those ages 18-24 and 33% of those ages 25-34 saying they are now trying to save more for retirement. To review more ways people are coping with inflation through their retirement planning, check out the survey by clicking here.