Helping employees navigate retirement planning during high inflation

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With the U.S. already in the middle of a retirement savings crisis (according to the Federal Reserve Board, only 36% of non-retirees think their retirement saving is on track), the current period of high inflation is making a challenging situation even more difficult for many people. In fact, 21% of Americans have reduced their retirement savings because of inflation and a quarter of Americans will need to delay their retirement, according to the most recent BMO Real Financial Progress Index.

Concerns about how high inflation will impact their retirement savings or even delay their timetable for retiring can create additional pressures for workers at a time when many are already feeling stressed. In fact, a recent survey of U.S. adults commissioned by the American Psychological Association found that the top source of stress was “the rise in prices of everyday items due to inflation,” cited by 87% of respondents.