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The majority of Americans aged 45 to 75 are concerned that soaring levels of inflation may reduce their spending power when it comes to retirement, according to a new survey.
The Protected Retirement Income and Planning Study by CANNEX and the Alliance for Lifetime Income was published on July 11 and conducted among 2,025 American consumers aged 45 to 75, and 514 financial professionals, between April and May 2022.
Financial professionals that were surveyed conduct retirement planning for individual clients.
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Specifically, the survey found that 81 percent of Americans aged between 45 to 75 said they were worried that high inflation would reduce their spending power in retirement, while 79 percent fear that an economic recession could impact on their retirement income.
The survey comes as inflation climbed 8.6 percent in May from a year ago, marking the biggest 12-month increase since the period ending December 1981.
As a result, the survey found that 60 percent of consumers reported reducing their spending because of inflation.
Those fears regarding inflation, market volatility, and a potential recession are also being felt among financial professionals too, with the survey finding that nearly 78 percent have changed their approach to retirement planning in the last year, of which 82 percent cited soaring inflation as a reason behind making the change.
“Against the backdrop of record inflation, a bear market and global economic uncertainty, the misalignment in what financial professionals are relying on to create retirement income, and what clients are looking for, is a problem,” said Jean Statler, CEO of the Alliance for Lifetime Income.
Mounting Costs
“Ninety-two percent of financial professionals are worried about inflation reducing client spending power, and so it’s good that many of them have changed their retirement planning approach this past year. But for those financial professionals who tell their clients to simply ride out the risks and are not considering protected income options like annuities, don’t be surprised if you find them going elsewhere for advice.”
The latest survey comes as fears of an impending U.S. recession continue to mount while everything from household essentials to food have increased substantially in recent months as global economies gradually reemerge from the COVID-19 pandemic and the fallout from Russia’s invasion of Ukraine drives up prices worldwide.
Those costs are being felt exponentially when it comes to gasoline prices, which currently stand at a national average price of $4.655 in the United States, having surpassed $5 highs in mid-June, according to AAA.
This time last year, the national average price of a liter of gasoline was $3.147.
In an effort to prevent an economic downturn from happening, the Federal Reserve in mid-June raised its benchmark interest rate by 0.75 percentage points, marking the biggest hike since 1994.
Despite fears of an upcoming economic downturn being on the horizon, Biden administration officials have insisted that the United States can avoid a full-blown recession.
On Sunday, Commerce Secretary Gina Raimondo told ABC’s “This Week” that the U.S. economy is fundamentally “very strong” and that she does not “see any reason to think that we will have a serious recession.”
“We recovered all the jobs since the pandemic. People’s household balance sheets are strong. Companies are doing well. Companies are hiring. Companies are growing,” Raimondo said.
Meanwhile, Goldman Sachs Chief Economist Jan Hatzius on Monday reiterated the investment bank’s view that the U.S. economy faces a 30 percent chance of a recession in 2023.
Bill Pan contributed to this report.
Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker
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