US. Rising Inflation Viewed as Biggest Threat to Retirement in 2022
While Americans worried most about the impact of the COVID-19 pandemic in 2021, they now see rising inflation as the biggest risk to their retirement plans.
According to Allianz Life’s annual New Year’s Resolutions Study, nearly half (48%) of respondents identified the pandemic as the most worrisome threat of 2021. However, in looking ahead to 2022, a full one-quarter of Americans now view rising inflation as the single greatest risk to their retirement plans—more than doubling from 2020, when only 8% of respondents said the same.
In fact, the findings show that the concern about inflation is significantly higher than other risks to retirement, many of which saw a decline in concern from 2020:
Measure | 2020 | 2021 | Change, 2020-2021 |
Rising inflation | 8% | 25% | + 17 percentage points |
Outliving my money | 10% | 8% | -2 percentage points |
Increased health care costs | 13% | 8% | -5 percentage points |
Job security | 12% | 7% | -5 percentage points |
“Given the seemingly constant changes with the pandemic, it’s no surprise it is top of mind for the majority of Americans as they think about saving and spending in the new year,” says Kelly LaVigne, Vice President of Consumer Insights at Allianz Life. “However, inflation is clearly a more pressing concern as people live with it day to day. It’s also forcing them to think about how they can mitigate this significant risk to their retirement security down the road.”
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