Inflation causing some Michiganders to put retirement plans on hold

“I pinch pennies until they turn into dimes.”
Inflation causing some Michiganders to put retirement plans on hold
Published: Jul. 5, 2022 at 6:33 PM EDT
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LANSING, Mich. (WILX) - With inflation showing few signs of letting up anytime soon, some people are wondering if they should change their retirement plans. Others are being forced to choose between saving and paying for food and gas.

“If I put it into retirement, yeah I might gain more interest. But if I find myself suddenly unemployed, it’s kind of like, ‘Oh, well, that’ll be nice in 20 years but right now I need to figure out how to eat or how to stay in my apartment,’” said Dale Moore.

When Dale Moore moved to Lansing and found a new job in January 2021, he decided not to put money into a retirement plan -- and he’s not alone. About 21% of Americans have started saving less money.

“I’m not sure if I want to give up the flexibility of having the money,” said Dale.

Dale said if he puts his money into a retirement plan, he can’t touch it without paying a price -- and that doesn’t help him in an emergency.

“I have not had enough money coming in where I could even consider retiring,” said Dale.

According to a recent study, about a quarter of Americans will have to delay their retirement plans. And, that women are more likely to make lifestyle changes than men.

Dale joked that at this rate, he’s planning to retire when he’s 98.

“My plans were to save up some money for longer and actually not have to worry about inflation sticking around and making the money I saved up - not as powerful,” said Dale.

And Dale’s not the only one who feels that way. Experts said that 80% of Americans are planning to make changes to the way they save and spend money because of inflation.

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