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key takeaways
- A recent survey by the shroders revealed that more than 90% of retired Americans are concerned that inflation is reducing the value of their property, and more than 80% said they want they want them to better save their savings from inflation effects.
- A quarter of the retired people said that they had lost sleep worrying about their financial situation.
- More than a third of the Americans said that they were concerned about financial stress affecting their financial stress.
Retired Americans are concerned about how much inflation will affect their ability to save for the future.
More than 90% of retired Americans surveyed for investment manager shroders said that they were concerned that inflation is reducing the value of their property. More than 80% said that they want them to better protect their savings from the effects of inflation.
Other top concerns plying retired Americans this year include outlining the property and facing high-to-additional health care costs. Report- Based on interviews from the end of March to mid-April and was released earlier this month-seeing that retired people said that they are spending an average of 15% of their total monthly income at insurance premium, leaflet costs, out-packet expenses and other health related costs.
“The rising prices at essential prices such as housing, food and health care have significantly reduced the purchasing power and financial security of the retired people,” said Deb Boyden, head of the US scroders, in a prepared statement about the report.
Uncertainty about finance ‘bothers so many retired people’
“Uncertainty that is currently harassing so many retired people is a poignant reminder of a comfortable plans, products and value of personal advice for a comfortable retirement,” said Boyden.
According to the report, four retired people said that they had worried about their financial situation and more than a third of people have said that their financial stress would have an impact on their overall health.
However, about half of American retired people in the study said they have no plans to estimate their expenses, determine how much income is required, or develop an investment strategy to achieve their goals.
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