American Retirement Preparedness Drops To Worrying New Level Amid Economic Turmoil | Eastern North Carolina Now

    Publisher's Note: This post appears here courtesy of the The Daily Wire. The author of this post is Ben Zeisloft.

    Economic volatility over the past year has severely impacted retirement savings, with more than half of households falling short of the savings trajectory needed to retire at their desired level.

    The most recent Retirement Savings Assessment index published by Fidelity Investments showed that the nation's retirement score has declined to 78 as of 2023, marking a decrease of five points from the all-time high of 83 charted in 2020. The typical household now ranks "fair" rather than "good" with respect to their preparation for retirement.

    "The decline in preparedness is being driven by two primary factors: people are saving less and investing more conservatively, which are natural reactions during a challenging financial environment, from the pandemic to market volatility to the latest turmoil in the banking industry," Fidelity Investments said in a press release issued on Tuesday.

    Some 52% of respondents to an assessment from Fidelity Investments may need to "make modest to significant adjustments to their retirement lifestyle" unless they "take action to make up for the shortage" in their savings, while 34% of respondents require "significant adjustments."

    Members of the Baby Boomer generation, those born between 1946 and 1964, are considered the most prepared for retirement. Members of Generation X, those born between 1965 and 1980, as well as Millennials, those born between 1981 and 1996, saw declines in preparedness.

    "American savers continue to navigate through uncertainty, and as a result, may consider pulling back on saving for the future," Fidelity Investments Vice President of Retirement Rita Assaf said. "When it comes to long-term investing, staying focused on your individual goals is critical. Having a plan in place is one solid way to help weather any storm, as we've seen the last few years and weeks with the pandemic, inflation and market volatility."

    Over the past two years, phenomena such as supply chain bottlenecks and labor shortages have worsened overall inflationary pressures. Recent stock market tumult caused significant declines in retirement accounts: Fidelity Investments indicated that the average IRA balance was $104,000 in the fourth quarter of 2022, marking a 23% year-over-year decline from $135,600 in the fourth quarter of 2021, while the average 401(k) balance was $103,900, constituting a decline of roughly 20% year-over-year from $130,700.

    President Joe Biden has expressed economic optimism despite rising inflation rates and other obstacles to recovery from the lockdown-induced recession. Price levels increased 6% between February 2022 and February 2023, according to data from the Bureau of Labor Statistics, a moderation from record levels of 9.1% observed in June 2022, even as inflation remains more than four times higher since the start of the Biden administration.

    "We will continue to make progress in our fight to build an economy from the bottom up and middle out, not top down," the commander-in-chief said. "At the same time, I will do everything in my power to prevent us from going backwards on the progress we've made, including by standing up to Congressional Republicans who threaten economic catastrophe over the debt limit in order to secure tax cuts for the wealthy and large corporations and reckless cuts to critical programs that American seniors and families count on."
Go Back

Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )

Russia Has Recovered Pieces Of Downed U.S. Drone: Report Economic Truths, Daily Wire, A Business Perspective, Guest Editorial, Editorials, Business, Op-Ed & Politics ‘Weaponization’ Panel Finds ‘No Legitimate Basis’ For DOJ School Board Memo


Latest Op-Ed & Politics

Legendary director Martin Scorcese met with Pope Francis during a tour of Italy after Cannes and announced he’ll be making a Jesus-focused film.
After a judge ruled Trump liable in the sexual abuse and defamation case brought by E. Jean Carroll, the former President responded by announcing he would pay the $5 million judgment using his collectible NFT trading cards.
A pro-life activist suspects nefarious intentions behind the FBI sending agents to her childhood home last month.
Sam Brinton, the “nonbinary” activist tapped by Joe Biden for a key nuclear role before he was fired for stealing women’s clothes, was arrested again Wednesday night as a “fugitive from justice” for allegedly stealing luggage, The Daily Wire has learned.
N.C. Attorney General Josh Stein opposes a motion to dismiss a lawsuit filed against him. The suit chalenges North Carolina's restrictions on abortion pills.
A local father determined the time had come to sit his young son down and officially have "The Talk"...about the Star Wars sequel trilogy. The man reportedly knew he couldn't avoid it any longer once the boy began to talk about how great The Last Jedi was.
Deutsche Bank agreed to pay $75 million to settle a lawsuit accusing the company of failing to recognize the sex trafficking conducted by Jeffrey Epstein, the deceased pedophile hedge fund manager who was once a client of the firm.
Massive "city" of enormous wind turbines would severely conflict with military training and operations


Actor Kevin Costner hinted at a new Western film on Wednesday as he’s set to exit the hit television series “Yellowstone” later this year.
The Attenborough family reportedly expressed regret for having brought Grandpa to the beach with them for a leisure weekend. The grandkids in particular wished he would just shut up and let them enjoy the beach.
The California Public Employees’ Retirement System (CalPERS) recently opposed legislation that would require divestment from fossil fuel companies despite the agency’s support of the environmental, social, and corporate governance movement, also known as ESG.
How Washington, North Carolina neglects African-American, Latino and Poor Communities
Retail giant Target has lost $10 billion in market capitalization in ten days, largely due to the backlash over prominent LGBTQ+ PRIDE displays including transgender-friendly clothing items for children.
and also reject transgender medical procedures for chidlren
The N.C. State Board of Elections is updating voter registration forms to comply with the state Supreme Court's ruling against felon voting.


Back to Top