Why Saving for Retirement Is More Difficult in 2022
Baby boomers have lived through the tech bubble, the 2008 housing and market crash and even double-digit inflation in the 1970s, but never all these financial crises together. Now we have inflation, pandemic-related supply chain disruptions, a bear market, higher gas prices and rising interest rates. That makes an already formidable goal of saving for retirement even more challenging, especially for those approaching retirement in the next few years.
Saving for retirement now requires additional challenges and sacrifices, but also offers some opportunities. Here is how to save for retirement under challenging conditions:
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
