According to a new GOBankingRates survey, nearly 75% of Americans say that inflation is affecting their retirement plans in some way. The survey also found that 20% said inflation is causing them to delay their retirement plans. Eight percent of survey respondents said they are now planning to work in retirement when they weren’t before.

GOBankingRates via Yahoo News/Gabrielle Olya
Inflation 2022: 74% of Americans’ Retirement Planning Has Been Impacted, According to New Study

The current inflationary environment is derailing most Americans’ retirement plans. A new GOBankingRates survey found that nearly three-quarters of Americans said that inflation is affecting their plans in some way, from how they invest to when they plan to retire.

The most common response to inflation when it comes to retirement planning is making an effort to save more, with 30% of Americans saying that they are now trying to put more money away for the long term. This way of coping with inflation was particularly common among younger respondents, with 41% of those ages 18 and 24 and 33% of those ages 25 to 34 saying they are now trying to save more for retirement.

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Politico/Christopher Leonard
The Fed Is Getting Even Tougher on Inflation. Here’s What To Watch First.

In August, central bankers and economic pundits from around the world descended on Jackson, Wyo., to hear the keynote speech at the Federal Reserve’s annual symposium. In the days afterward, the world’s smartest economic brains were all focused on trying to interpret the most important word from the speech: “pain.”

Fed Chair Jerome Powell was sending one clear message to global money managers: The Fed is deadly serious about reducing inflation, the bank won’t back off and the results are going to hurt. Specifically, Powell promised that the Fed will continue to hike interest rates and keep them elevated until the bank has brought inflation down from over 8 percent, where it is now, to the Fed’s target of about 2 percent. This week, the Fed is expected to announce another large increase at its regular policy meeting.

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CNBC/Steve Liesman
The Fed is now expected to keep raising rates then hold them there, CNBC survey shows

Wall Street finally looks to be embracing the idea that the Federal Reserve will hike rates into restrictive territory and stay at that high rate for a substantial period. That is, the Fed will hike and hold, not hike and cut as many in the markets had been forecasting.

The September CNBC Fed Survey shows the average respondent believes the Fed will hike 0.75 percentage point, or 75 basis points, at Wednesday’s meeting, bringing the federal funds rate to 3.1%. The central bank is forecast to keep hiking until the rate peaks in March 2023 at 4.26%.

The new peak rate forecast represents a nearly 40 basis-point increase from the July survey.

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