According to a study by the Employee Benefit Research Institute, over a quarter of retirees are spending more than they can afford due to the pressures of inflation and a lack of knowledge with common retirement income strategies. Employees are also being impacted by the market—a Schwab Retirement Plan Services annual survey found most workers ranked inflation as a top obstacle for a comfortable retirement, including cutting back on their savings to account for higher costs.
The ‘magic number’ of $1.3M for retirement: on the money, or off the mark?
A recent report on retirement savings says a