Each May is Older Americans Month, a time to celebrate the wisdom of aging people, recognize their many contributions, and facilitate discussions related to older adults. This year’s observance coincides with the 2023 Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI) and fresh information on Americans' concerns about their futures.1,2
The survey included over 2,500 American adults, roughly half identifying as retired. One of the headline findings from the survey: 84 percent of the employed and 67 percent of retirees believe that the higher cost of living will make it harder to put money away for their retirement strategy.2
While it’s true that the cost of living tends to increase over time, any competent retirement strategy, like the one you’ve created with your trusted financial professional, will have taken this into account. As for the immediate future, inflation numbers are trending downward, meaning that the current squeeze people feel may soon be relieved. That’s good news for those saving today and older Americans enjoying their retirement.
One of the benefits many older Americans possess is hard-earned wisdom. Wisdom means patience to weather difficult times and the good sense to reach out to people who can help. Let me know if you're concerned about financing your retirement, whether you are approaching that time or an older American yourself. I welcome a conversation about your retirement strategy and how it works for you.
1. acl.gov, May 1, 2023