{"id":879809,"date":"2021-10-14T15:29:20","date_gmt":"2021-10-14T19:29:20","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=879809"},"modified":"2021-10-14T15:29:23","modified_gmt":"2021-10-14T19:29:23","slug":"survey-7-in-10-seniors-worried-about-inflations-impact-on-retirement-savings","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/survey-7-in-10-seniors-worried-about-inflations-impact-on-retirement-savings\/","title":{"rendered":"Survey: 7 In 10 Seniors Worried About Inflation\u2019s Impact On Retirement Savings"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsurvey-7-in-10-seniors-worried-about-inflations-impact-on-retirement-savings%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=879809&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>As high inflation continues to affect the U.S. economy, senior citizens are concerned that the high price levels will erode their retirement savings.<\/p>\n<p>Global Atlantic Financial Group \u2014 a life insurance and annuity company \u2014 <a href=\"https:\/\/www.businesswire.com\/news\/home\/20211014005715\/en\/Global-Atlantic-Retirement-Risk-Reset-Study-Retirement-Age-Investors-Attuned-to-Low-Interest-Rates-Inflation\">surveyed<\/a> over 1,000 investors between the ages of 59 to 75 with more than $250,000 in assets. They found that 71% of respondents indicated that they believe rising inflation will negatively impact their retirement savings and 46% of those with fixed income investments worry that low interest rates will impact their retirement income.&nbsp;<\/p>\n<p>\u201cThose on the cusp of retirement are paying close attention to economic issues such as inflation and low interest rates, and they recognize that it might be a good time to revisit their retirement strategies,\u201d Global Atlantic executive Paula Nelson said in a press release.<\/p>\n<p>In September, year-over-year inflation surged to 5.4%. As a result, the Social Security Administration <a href=\"https:\/\/www.dailywire.com\/news\/social-security-inflation-adjustment-will-rise-by-5-9-reflecting-carter-years\">hiked<\/a> the cost-of-living adjustment to 5.9% \u2014 a move meant to help 64 million Social Security recipients and 8 million Supplemental Security Income beneficiaries cope with higher price levels.<\/p>\n<p>The adjustment is in line with rates <a href=\"https:\/\/www.ssa.gov\/oact\/cola\/colaseries.html\">witnessed<\/a> early in the Carter administration \u2014 5.9% in 1977 and 6.5% in 1978. After surging to 9.9% in 1979 and 14.3% in 1980, the adjustment declined once President Ronald Reagan and Federal Reserve Chair Paul Volcker <a href=\"https:\/\/www.heritage.org\/international-economies\/commentary\/specter-rising-inflation-threatens-future-economic-freedom\">implemented<\/a> harsh measures to decrease and stabilize inflation.<\/p>\n<p>Despite high levels of concern among retirees, White House Chief of Staff Ron Klain <a href=\"https:\/\/www.dailywire.com\/news\/bidens-chief-of-staff-agrees-inflation-a-high-class-problem\">voiced<\/a> agreement with the notion that high inflation is merely a \u201chigh-class problem.\u201d<\/p>\n<p>Jason Furman \u2014 former chair of the Obama administration\u2019s Council of Economic Advisers \u2014 tweeted: \u201cMost of the economic problems we\u2019re facing (inflation, supply chains, etc.) are high-class problems. We wouldn\u2019t have had them if the unemployment rate was still 10 percent. We would instead have had a much worse problem.\u201d Klain retweeted the post with the caption, \u201cThis.\u201d<\/p>\n<p>Contrary to Klain and Furman\u2019s argument, inflation diminishes wealth \u2014 especially for working-class Americans, who hold a greater share of their assets in cash than wealthier counterparts.<\/p>\n<p>Federal data <a href=\"https:\/\/www.dailywire.com\/news\/thanks-to-inflation-american-wages-drop-by-nearly-2\">confirm<\/a> that the average American\u2019s real wage is on the decline due to inflation. For instance, the Bureau of Labor Statistics recently reported that \u201caverage hourly earnings\u201d in the United States rose by 3.6% between June 2020 and June 2021. However, when factoring in inflation \u2014 specifically through the Consumer Price Index, which rose by 5.3% over the same period \u2014 \u201creal average hourly earnings\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As high inflation continues to affect the U.S. economy, senior citizens are concerned that the high price levels will erode their retirement savings.Global Atlantic Financial Group \u2014 a life insurance and annuity company \u2014 surveyed over 1,000 investors between the ages of 59 to 75 with more than $250,000 in assets. They found that 71% of respondents indicated that they believe rising inflation will negatively impact their retirement savings and 46% of those with fixed income investments worry that low interest rates will impact their retirement income.\u00a0\u201cThose on the cusp of retirement are paying close attention to economic issues such as inflation and low interest rates, and they recognize that it might be a good time to revisit their retirement strategies,\u201d Global Atlantic executive Paula Nelson said in a press release.In September, year-over-year inflation surged to 5.4%. As a result, the Social Security Administration hiked the cost-of-living adjustment to 5.9% \u2014 a move meant to help 64 million Social Security recipients and 8 million Supplemental Security Income beneficiaries cope with higher price levels.The adjustment is in line with rates witnessed early in the Carter administration \u2014 5.9% in 1977 and 6.5% in 1978. After surging to 9.9% in 1979 and 14.3% in 1980, the adjustment declined once President Ronald Reagan and Federal Reserve Chair Paul Volcker implemented harsh measures to decrease and stabilize inflation.Despite high levels of concern among retirees, White House Chief of Staff Ron Klain voiced agreement with the notion that high inflation is merely a \u201chigh-class problem.\u201dJason Furman \u2014 former chair of the Obama administration\u2019s Council of Economic Advisers \u2014 tweeted: \u201cMost of the economic problems we\u2019re facing (inflation, supply chains, etc.) are high-class problems. We wouldn\u2019t have had them if the unemployment rate was still 10 percent. We would instead have had a much worse problem.\u201d Klain retweeted the post with the caption, \u201cThis.\u201dContrary to Klain and Furman\u2019s argument, inflation diminishes wealth \u2014 especially for working-class Americans, who hold a greater share of their assets in cash than wealthier counterparts.Federal data confirm that the average American\u2019s real wage is on the decline due to inflation. For instance, the Bureau of Labor Statistics recently reported that \u201caverage hourly earnings\u201d in the United States rose by 3.6% between June 2020 and June 2021. However, when factoring in inflation \u2014 specifically through the Consumer Price Index, which rose by 5.3% over the same period \u2014 \u201creal average hourly earnings\u201d diminished by 1.7%.The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a member.<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-879809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/879809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=879809"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/879809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=879809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=879809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=879809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}