It’s no secret that it’s hard to plan for retirement. ‌In addition to growing a sizeable nest egg, you must protect it from ‌external factors like market‌ ‌volatility, inflation,‌ ‌and unforeseen expenses. And, to be brutally honest, that’s been tough as of late.
Northwestern Mutual’s 2022 Planning & Progress Study shows that personal savings are down 15 percent from $73,100 in 2021 to $62,086 in 2022. Moreover, 60 percent of American adults say the pandemic is “highly disruptive” ‌to their‌ ‌finances.
In the midst of the pandemic, though, Americans saved around $2.5 trillion. Unfortunately, those cash reserves are drying up as people use them to deal with 40-year-high inflation. ‌According‌ ‌to‌ ‌a‌ ‌Forbes‌ Advisor ‌survey, two-thirds of Americans are raiding their savings because goods and services are so darn expensive….