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: