Americans rank inflation as top economic worry today, according to a new study from Allianz Life Insurance. When asked about their main economic worries today, the majority of respondents put inflation at the top of their list, with 32 percent saying they were either “panicked” or “very worried” about it.
The study found that 64 percent of respondents do not have a financial plan that addresses the rising cost of living in retirement. Of those who do, 51 percent claimed their financial “plan” to address it was to “be more frugal with money” when they retire.
On the other hand, respondents overestimated how much the cost of living will rise during retirement by predicting an average increase of 4.4 percent per year. According to the study, 31 percent of respondents thought the cost of living would go up between 5 and 10 percent per year and nearly one in 10 reported costs would increase more than 10 percent each year. The average inflation rate in the United States for the last 20 years has been only 2.15 percent.
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