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Budgeting and Financial Planning

Why Saving for Retirement Is More Difficult in 2022

Rodney Brooks
|
August 25, 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:

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"Rodney A. Brooks's “Fixing the Racial Wealth Gap” is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist. Fixing the Wealth Gap is revealing, humorous, instructive and sobering." - Dr. George C. Fraser