Economic Developments / Government Watch / Health & Wellness / Home & Family / Politics

Retirement: An American Dream That Has Turned Into a Nightmare

Retirement

WASHINGTON, DC, June 9 — Some 40% of America’s workforce said “it will take a miracle” to retire securely, according to the Natixis Global Retirement Index. However, that was back when the inflation rate was hovering between 2.6% and 4.2% in March and April of 2021. The current inflation rate in the U.S. today is well above 8% and climbing — just about double what it was a year ago. 

“Since the pandemic, supply chain issues and consumer demand have dramatically pushed up short-term inflation in the U.S. The Consumer Price Index, a key measure of inflation, was 4.7% in 2021, a level unseen since 1990, according to Statista. The monthly 12-month inflation rate in February of 2022 was 7.9%, and with the advent of the war in Ukraine, some experts are predicting that U.S. inflation will clock in at 9% or more for 2022.” That’s the assessment of Doug Kinsey, a partner in Artifex Financial Group, in an article published recently at Kiplinger.com.

In fact, inflation is at the top of list of biggest problems facing the country, according to Pew Research.  Pew’s recent polling found that a whopping 70% of us say so. 

Here’s how the experts at Society for Human Resource Management [SHRM] assess the retirement situation:

  • 66 percent are worried about how inflation will affect their ability to save for retirement.
  • 73 percent of Millennials and 74 percent of Generation X are worried about inflation’s effect on their retirement savings.
  • 43 percent of respondents because of inflation have had to tap into finances that they previously had set aside for retirement.

The negative impact of inflation on retirement is certainly due to these factors. In fact, the folks at Nexis Global tell us that a large majority of us — 59% — believe that they are going to put off plans for retirement and more than a third of the workforce will never have enough money to be able to retire.

President Biden took office in January 2021 when the inflation rate stood at modest 1.6%. Here we are, less than two years later and the rate of inflation hovers on or near 8.5% and climbing. Mr. Biden can offer any number of “not-my-fault” excuses, but the majority of the nation — even some members of his own party — seem to believe that his policies have, at best, helped fuel the current inflationary spiral, if not out-rightly caused it.

The Brookings think-tank suggests that “inflation is President Biden’s biggest problem.”

A report Brookings published in February, says that “Since the New Deal, Americans have come to believe that presidents exercise considerable control over the economy, and they expect President Biden to do something about inflation. Shortages of goods on grocery store shelves and delays receiving goods ordered online have convinced the people that unclogging the supply chain is an important part of the solution. But despite the administration’s claims, they haven’t seen much progress on this front. The contrast between the high visibility of the pandemic task force and the virtual disappearance of supply chain task force has been dramatic, especially because the people now care more about rising prices than falling infection rates.”

Want more proof that America, for the most part, puts the blame for inflation on President Biden?  You need look no further than his dismal approval ratings. In April, his ratings took a nose dive for the fourth consecutive time. A CNBC survey found that “his approval rating on the economy dropped for a fourth straight survey to just 35%, with 60% disapproving, putting the president a deep 25 points underwater.”

Any wonder? The American dream of retirement has turned into a nightmare.


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Willy
3 months ago

IMHO: The so-called democrats basic idea of “inflation” is to inflate the country like a balloon until it bursts. Then, people other than the ultra-wealthy Elites will have nothing and be totally dependent on the ultra-wealthy, the NWO, for their existence. However, under these conditions, the people won’t need a retirement plan since everything will be supplied by the government. They will “have nothing and be happy!” That’s the Deep States’ stated goal.

Well, “happy” is a relative term. One persons happiness can be another persons nightmare! Will they be happy working in the various “jobs” the ultra-wealthy will provide for them to support the Elites? Will they be happy with the “entertainment” provided? Sure they will. They will be “happy” because they will have been brainwashed and they will be on hallucinogens provided by the Elites to keep the lower class higher than a kite. Programmed brains, free sex, professional sports, and drugs for entertainment. Better living through chemistry and population control. Mass Formation Psychosis!

Of course, the population must be reduced for better control, but that’s easily accomplished by making a lot of people die from vaccinations that make everyone else think is pretty natural due to some biotech pandemics! No more “families” or babies to raise; everybody lives in large multistory buildings that are much easier to control than single family dwellings; less doors and windows to guard. Free sterilization for everyone, babies come from test tubes and incubators in a laboratory and programmed for specific jobs; no more schools or school boards or teachers unions or riots, just the chaos of being insanely “happy!”

Everything is “free” except the workers who are “slaves!” The Elites will keep their slaves weak and sick enough to want to take their poison pills but strong enough to work in the jobs provided. Get too old to work and be productive? Send them to the recycling center for euthanasia! Hot damn! Everybody is happy! It’s all about “control!” What could go wrong with that?

Shades of “Brave New World.” “Soylent Green” to recycle people and take care of the burial problems and provide an easy and pleasant means to “end your life” when you get tired of all the BS or get too old to work. “Fahrenheit 451” to burn the books and erase history so people aren’t reminded of lifestyles of the past. Everyone is now equal, just some are a bit more equal than others! It’s all a game, now planned by Klaus Schwab, with Bill Gates, Anthony Fauci, Joe Biden, and other Deep State operatives, called the Great Reset, and it all started long before Schwab around 1860 or so with the Rockefellers and other wealthy banking families; they’ve been at this project for a long, long time. Big Banks, Big Pharma, Big Insurance, Big Medical, Giants of Industry all! Follow the Money! Go back and read the history before they destroy it. Educate yourselves while you still can!

Alligator
3 months ago
Reply to  Willy

Well said

CLIFFORD F GERACI
3 months ago
Reply to  Willy

Well…yes….but pretty over the top in some cases….but definitely the socialist liberal left are killing the American spirit and demanding more and more control…..and they are winning.

Tracee Farmer
3 months ago

To many seniors follow AARP instead of AMAC. They are buying the lies from the Demonrats. The Dems can’t win if thy don’t cheat and they always find a way to cheat.

Kim
3 months ago
Reply to  Tracee Farmer

I admit it: when I get solicitations from AARP in the mail and they include a postage-paid reply envelope, I’ll write something terse, not sign it, of course (remove bar code, just in case), and mail it back to them. They have to pick up the postage while getting nothing in return.

Jeb
3 months ago

Feel bad for those trying to start retirement savings today. Only advice I can offer is put away $5.00 a week if that is all you have. Over time it will add up. Look at your monthly bills and play money. I would bet you can finds some ways to save there. It is not easy, it is not fun, but the sacrifices are worth it. We did it with 3 kids and it was worth it to get to where we are today.

PaulE
3 months ago
Reply to  Jeb

Saving and investing for your own future is the only way you will be able to enjoy a comfortable retirement. The earlier you start, the sooner you will achieve your financial goals and not have to worry about how the government is messing up the economy.

Becky
3 months ago
Reply to  PaulE

Until the 401k people steal your retirement……..

PaulE
3 months ago
Reply to  Becky

Nothing says you have to rely on either a 401K or an IRA to build wealth. Any self-managed brokerage account works perfectly fine. Note I said self-managed (anyone can learn to manage their own investments with a bit of effort and education) brokerage account. No one has your best financial interests at heart better than you do.

I’m not a big fan of the 401K from the asset management perspective. Especially those offered to state employees. The main emphasis of most the firms awarded contracts by the states to manage the public sector pension funds are more concerned with racking up layered annual fees, than managing the pension funds to optimize net total returns to all the participants. Also the type of investments offered is far too narrow and they seem fixated on offering high fee annuities, which is the absolute wrong thing for most people. In the private sector 401Ks, that is less of an issue but the investment options are still far too limited to generate the type of returns you can achieve in a self-managed account.

As for the tax deferred component in a 401K or standard IRA, sure a standard brokerage account doesn’t have that piece, but you can certainly invest part of your money in federally tax free investments or hold your investments long enough to qualify for long-term capital tax rates. Besides when it comes to 401Ks and IRAs, the federal government is already in the process of stripping away or greatly reducing that tax deferrred benefit. What the federal government gives, it frequently takes away down the road.

Rik
3 months ago

If after the Midterms in November and the GOP doesn’t take the majority of both Houses of Congress, then both Biden and Harris WON’T BE IMPEACHED and we will suffer for another 2 years! I, for one, will move to Texas and look for the Red States to ban together and SECEDE FROM THE UNION and FORM A NEW UNITED RED STATES OF AMERICA!

Otherwise, Socialism/Communism will succeed in DESTROYING AMERICA!

PaulE
3 months ago
Reply to  Rik

Very few state constitutions have an option to secede Rik. Nor do they have the resources and geographical location of Texas to make such a move practical.

Kim
3 months ago

We blame the president because he IS to blame for reversing our energy independence and begging Venezuela and OPEC and Russia for oil. Energy is the foundation of all economies. Energy skyrockets, and so does everything else. Biden in office and 42-year-high inflation rates are not a coincidence.

You’re naive to think the war in Ukraine is to blame. If we had cheaper oil, the EU could have purchased it from us instead of from Russia. At these prices, Russia is raking it in by the hundreds of billions, helping fuel Putin’s mission in Ukraine.

United we stand?? United behind what, exactly? A feckless presidency, a VP who does nothing, and their complete ignorance in economics, inflation, foreign relations, and how capitalism benefits the country and its people? Maybe you’re okay financially, but well more than half of us are feeling the pain this administration is causing–you know, the one that feels for the little guy. Get real; try to empathize at least a little bit.

So, how many other names are you using?

PaulE
3 months ago
Reply to  Kim

Very well said and all completely accurate. Anyone who can’t connect the dots to the cause and effect of Biden’s policies and the Democrats relentless drive to advance green solutions, that won’t be able to compensate for the fossil fuel industry for at least another 40 to 50 years, is frankly a fool. Sorry for the directness, but Europe has been on this Green New Deal / Climate Change bandwagon for over a decade and their cost of electricity, gasoline, diesel, food and almost every other item has increased anywhere from 3X to 5X from what it was before they adopted this insanity. So all anyone in the Biden administration or the Democrat Party needed to do was to spend a week or two in any European country over the last 10 years to see what these policies would produce if enacted here. The problem is this is the exact outcome that the Democrats and Socialists all around the world have always wanted to create. People need to stop thinking this is all some mistake or that they just didn’t understand what they were doing. That’s both ridiculous and stupid. This is all about a massive transfer of private wealth to the them under the guise of fighting Climate Change. Which is the largest, most expansive fraud ever committed on earth.

It’s not that hard to underdstand simple cause and effect of curtailing domestic oil and natural gas supplies, while demand remains constant or increases for everything, not just transportation, that these resources are used for, and the resulting higher prices for nearly everything in our economy. Today’s 8.6 inflation number is the inevitable outcome of all these ruinous policies being enacted. Expect both inflation and higher interest rates to continue rising, even as the Democrats scream they need to spend trillions more to solve the problem.

Max
3 months ago
Reply to  PaulE

How right you are!

Kim
3 months ago
Reply to  PaulE

I replied to someone’s comment, but that comment seems to have disappeared! Poof!!

Ken
3 months ago
Reply to  Kim

I couldn’t have said it better myself. Biden is the worst President in the history of this country. He knocked Obama out of that honor, and that took some doing. Let’s Go Brandon!

Kim
3 months ago
Reply to  Ken

Thanks. I replied to someone’s comment, but that comment seems to have disappeared! Poof!!

Yes, Obama planted the ideas, and biden came up with the fertilizer, otherwise known as…bs.

Kim
3 months ago

I’d say that those who hate are the ones who are perpetrating these disasters on the American people, namely the liberals in control.

Hal
3 months ago

If Biden and his DemocRat Commierads wanted to do great harm to the elderly retired citizens, rampant inflation of the worth of the currency is the most efficient way to accomplish that … and with minimal downside effect. Elections do matter … and rigged elections can produce chaos in the lives and rights of the citizenry … especially the retired elderly.

Huet6367
3 months ago

I’m not an economist but can someone explain how inflation is 8% when the price of everything is up double digits (%)?That question posed, this has nothing to do with Covid or Russia or a vast right wing conspiracy, etc. This is intentional. Cut back on supply and a deficit is created. Prices go up. Stop drilling your own crude oil, another deficit.This is incompetence. This intentional. Obama fantasized about this stuff.

Kim
3 months ago
Reply to  Huet6367

The “core” inflation rate is deceiving us into believing things aren’t as bad as they actually are. The core rate excludes price increases in food and fuel.

I was in a Walmart superstore the other day, and my favorite little cinnamon donuts had increased in price again, making them 40-50% more expensive than they were several months ago. I’m not buying them anymore, so I’ll save in more ways than one. Milk and the multi-pack yogurt is up more than a dollar (35-50% increase) in less than a year. And gasoline has more than doubled in a year (that’s 100+%!). It’s now averaging $4.98/gal. YIKES.

They’re not finished yet. I don’t know the most recent data, but the wholesale price inflation rate was 11% 2 months ago, which means we’re in for a whole lot more pain! Grow a vegetable garden!! I harvested 3 servings of snow peas from the garden that apparently are worth $9.00!

Sure, it’s gross incompetence, but the dems don’t give a da^^. And Putin has nothing to do with it. These guys must think we’re stupid, but they’re “stupider”.

Kim
3 months ago

It’s no wonder many of us “retirees” have gone back to work. I, for one, enjoy it, but the money I earn is now earmarked for groceries and gasoline rather than for a kitchen upgrade or a koi pond. Now and then, I used to go on a long drive in the country, taking pictures, seeing the sights, buying stuff, and eating at restaurants. Not any more! Not at $4.97/gallon of gasoline! I’m sure I’m not alone, so imagine what that does to the economy when millions of us stop going out.

This president and his party really don’t care about what the American people need. Sure, making us miserable will send some people begging the government for help, and then they’ll be hooked. I know; that’s their plan. But, We the People must not fall into that trap! This is not a good way to run the country.

Fine–if they want to play it this way, they can prepare to leave Washington this November. Great! And if the Republicans are smart, they’ll hammer the media with tales of woe on the part of many millions of people of all ages, all colors, all races.

PaulE
3 months ago
Reply to  Kim

Well said Kim. I just have to point out that we are now in June and we’re all still waiting to hear what the Republican action plan is for the midterms. You know, the one they promised to deliver by now back in March, that Gingrich was supposedly helping them with. So far, all we continue hear from the GOP is crickets and the usual “History has shown us that the party in power usually loses congressional seats during the first midterm.” If we don’t hear something more coherent and meaningful by the 4th of July from the GOP, I think we might just see another snatching defeat from the jaws of victory moment this November. It’s hard to believe they would be that stupid (or lazy), but I take nothing out of the realm of possibility anymore.

Kim
3 months ago
Reply to  PaulE

I’ve been so busy with work and getting the yard in shape that I haven’t been paying very close attention. No TV for now. So, the Republicans haven’t devised a plan yet? Talk about low-hanging fruit! That’s an easy grab, and unfortunate that they’re not doing it. We’ve both said a plan of action is what’s needed. When will they learn that passivity won’t win the prize? Incredible.

Bill
3 months ago

This “president” is ruining our lives and the country.

PaulE
3 months ago
Reply to  Bill

That’s the intent. Forcing a country into socialism is never a pain free process. Peoples’ lives are always destroyed and the country is always reduced to a mere husk of itself.

Hal
3 months ago
Reply to  Bill

Yes, and he and his party denizens are really concerned about it as long as they can continue to be elected using rigged elections.

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