Inflation’s Toll: Retirement Savings and Health Care Cuts

Despite multiple interest rate hikes and another on the horizon, the Federal Reserve has yet to meaningfully curb inflation, leaving Americans grappling with record-high prices for essential items such as gasoline, groceries and health care. And as the cost of essential goods continues to rise, many people have been forced to make difficult decisions that sacrifice their health and well-being.

A Nationwide Retirement Institute Survey (opens in new tab)(1) of 1,140 adults found that in the past 12 months, nearly one in five American households (17%) received food or goods from a food bank (22% for Millennials), and the same amount purchased healthy food. Stopped buying substances (organic or organic). high priced healthy foods). Nearly one in five Americans (18%) say they skipped meals or didn’t shop for groceries because of high inflation (including 28% of Gen Z and 23% of Millennials).

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