A new Gallup survey shows that the retirement age has increased from 57 in 1992 to 61 in 2022. It also showed that Americans are planning to retire later in life. Poll results show individuals’ planned retirement ages increased from age 60 in 1995 to 66 in 2022. In other news, while gas prices are coming down, Goldman Sachs economists warn that doesn’t mean inflation will drop immediately. “We expect a large slowdown from the outsized [inflation] prints of the past two months, but it will probably take until early next year before sequential inflation slows sufficiently to persuade the Fed to stop hiking.”
Americans are retiring later and expecting to work longer than in past decades
Between inflation being at record-high levels and the recent stock market volatility, more seniors approaching retirement age are considering the option to retire later in life.
According to a new Gallup survey, which interviewed 1,018 adults in the U.S., the average reported retirement age has increased from age 57 — where it was in 1991 — to age 61 in 2022. The survey also showed that individuals’ planned retirement ages increased as well, from age 60 in 1995 to 66 in 2022, revealing a trend in which people are retiring later and expecting to work longer.
Select spoke with Jeffrey M. Jones, Ph. D., a Gallup senior editor, about the reasons why people might be retiring later or planning to do so.
Continue reading, here.
Business Insider/Matthew Fox
Don’t expect the stock market to rally even as gas prices fall and inflation cools, Goldman Sachs says
In what will be seen as a relief to tens of millions of Americans, inflation is set to cool in the coming months, according to a Monday note from Goldman Sachs.
Specifically, Goldman economist Jan Hatzius explained that falling gas prices are set to shave at least one percentage point off of headline Consumer Price Index growth over the coming two to three months.
“The most immediate reason to expect disinflation is the nearly 20% decline in retail gasoline prices since mid-June, which still has further to run given the usual lags versus the wholesale market,” he said.
You can read the full article, here.
CNN Business/Nicole Goodkind
Is inflation taking a summer vacation?
It’s August, and that means pretty much all of Wall Street is on vacation right now. The Fed has locked its doors and said, “See you in September.” And politicos are island hopping: VP Kamala Harris made a fundraising appearance on the Vineyard this week alongside the Obamas.
Turns out inflation may be taking a summer break, too.
The Survey of Consumer Expectations on Monday showed that expectations of higher prices are easing. Respondents to the Federal Reserve Bank of New York survey in July expect inflation to grow at a 6.2% pace over the next year before falling to 3.2% for the next three years. Those numbers are definitely high, but they’re a drop from the 6.8% and 3.6% predicted in the June survey.
Keep reading, here.