Half of Americans hit pause on retirement savings in 2022 (but are optimistic for 2023)

Faced with inflation and a sharp increase in the cost of living, half of U.S. adults opted to pause saving for retirement at some point in 2022, according to a new national survey from U.S. News & World Report’s 360 Reviews.

The high number of Americans choosing to slow their retirement saving efforts was among the notable findings of the survey, which explored the retirement saving practices and perspectives of 2,000 U.S. adults who had saved for retirement for more than five years.

Among the other more eye-opening findings in the “Retirement and Inflation Survey” was that 32% of U.S. adults said they had to withdraw some of their retirement savings last year to keep up with rising expenses and 41% of those surveyed said they have stopped contributing to retirement funds such as 401(k) accounts and IRAs, missing out on key savings opportunities. Both steps could have serious long-term effects on their available savings when they reach retirement age.