Try GOLD - Free
How Inflation Hurts Retirees
Kiplinger's Personal Finance
|October 2023
RETIREE confidence in having enough money to live comfortably throughout retirement dropped significantly in the 2023 Retirement Confidence Survey, conducted by the Employee Benefit Research Institute and Greenwald Research.
The survey recorded its biggest decline since the global financial crisis of 2008. Craig Copeland, director of wealth benefits research for EBRI, explains.
Why the big drop? Inflation has had the biggest impact. Among retirees, 42% said the high cost of living contributed to their loss of confidence and 25% cited a lack of savings. And the two are related.
What's the connection? When things cost more, that leaves less for savings. Nearly 60% of retirees report that their retirement account balances decreased over the past 12 months, and two-thirds worry that the increasing cost of living will make it harder for them to save money. In addition, 58% are concerned they will have to make substantial cuts to their spending. The poor performance of the stock and bond markets also had an impact on retirement balances.
This story is from the October 2023 edition of Kiplinger's Personal Finance.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Kiplinger's Personal Finance
Kiplinger's Personal Finance
Ciao, Italia! Eight Ways to Save on a Trip to the 2026 Olympics
WHETHER you're looking to experience breathtaking natural beauty in the Dolomite mountains or the urban buzz of a global design capital, northern Italy may already be high on your list of vacation destinations. Add in the chance to attend the Winter Olympics, taking place from February 6 to 22 in Milan and the Cortina d'Ampezzo ski resort, and you may be looking at a once-in-a-lifetime vacation.
4 mins
November 2025
Kiplinger's Personal Finance
My Quest for Higher Yields
MARKET action along with recent readings on employment and inflation imply the onset of a troublesome cycle: shrinking cash yields with negative pressure on returns for long-term high-grade corporate and Treasury bonds. Despite the knee-jerk Treasury-bond rally sparked by the dismal early-September jobs report, I expect interest rates to ascend sharply along the outer years of the yield curve—regardless of the Federal Reserve's imminent campaign to ease short-term rates.
2 mins
November 2025
Kiplinger's Personal Finance
WE ADD A NEW MID-CAP FUND
KIPLINGER 25 UPDATE
1 mins
November 2025
Kiplinger's Personal Finance
Smart Strategies for Paying Your Child an Allowance
By giving your kids money to spend and save, you'll help them sharpen their financial skills at an early age.
5 mins
November 2025
Kiplinger's Personal Finance
Take a Bite Out of Dental Costs
Many Medicare Advantage plans include dental care, but there are restrictions.
3 mins
November 2025
Kiplinger's Personal Finance
CHOOSE THE BEST CHARITIES FOR YOUR DONATIONS
While you set your giving strategy, think about your values, and select organizations that will put your contributions to good use.
10 mins
November 2025
Kiplinger's Personal Finance
A BROAD APPROACH TO INNOVATIVE TRENDS
KIPLINGER ETF 20 UPDATE
1 mins
November 2025
Kiplinger's Personal Finance
MANAGING MONEY FOR A LOVED ONE WHO CAN'T
Becoming a financial caregiver for an aging or ill relative will go more smoothly if you plan for the possibility in advance.
3 mins
November 2025
Kiplinger's Personal Finance
Guiding Families Through Life's Final Chapter
An end-of-life doula offers support to people who are dying as well as their loved ones.
2 mins
November 2025
Kiplinger's Personal Finance
RETIRING ON YOUR OWN? A GUIDE FOR SOLO AGERS
If you're single without adult children to rely on for help, planning for your older years requires an added layer of intention and urgency.
12 mins
November 2025
Translate
Change font size