Rising living costs push U.S. retirees further behind their savings goals
A new Goldman Sachs survey shows only 58% of Americans feel on track with retirement savings, down from 68% a year earlier, as higher expenses strain budgets.
Goldman Sachs Asset Management’s latest retirement survey reveals that just 58% of respondents consider their retirement savings on schedule, a drop from 68% the previous year. The percentage of people boosting their contributions fell to 39% from 55%, while 14% reported cutting back. Housing costs, everyday expenses and debt payments emerged as the top barriers, especially for Gen Z and millennials.
Inflationary pressures, driven by higher food, shelter and energy prices, have outpaced wage growth, leaving disposable income essentially flat. Consequently, a majority of workers across all age groups have postponed major financial goals, including retirement, and many are taking extra jobs to make ends meet.
Why it matters
Retirement shortfalls affect future financial security for millions of Americans.
In this story
