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Inflation is hitting older Americans, leaving many worried about whether they have enough to fund their retirement, according to a recent survey from investment manager Schroders.
A survey of 2,000 American retirees conducted by the firm found that 32% feel they haven't saved enough, while 24% are unsure of their financial standing, and less than half are confident they've socked away sufficient funds.
The survey showed inflation is "taking a toll" on retirees, with 89% worrying about it eroding their assets and 68% fearing they might outlive their money. The rest are jittery about high healthcare costs and volatile markets.
Such financial uncertainty has 58% of retired Americans admitting they have no clue how long their savings will last, while 63% regret not planning more before retirement.
"Whether it's a trip to the gas station, grocery store or pharmacy, prices in the US have increased noticeably in recent years, and that is particularly challenging for retirees living on fixed income sources," Deb Boyden, the head of US defined contribution at Schroders, said in a note.
Inflation has been hitting Americans across the income spectrum, with many in the middle class reporting that they don't feel like they can afford their desired lifestyle any longer and that many milestones of middle-class life are now out of reach.
The latest economic indicators still signal that inflation pressures are lingering even after the Federal Reserve has hiked interest rates by 525 basis points.
The Schroders survey also shows that one-third of retirees worry that financial stress could affect their overall health, with 26% experiencing sleep loss due to concerns about their finances.
