A recent survey by the Insured Retirement Institute found that workers between the ages of 40 and 73 have “insufficient retirement savings to cover their income needs, and they aren’t saving enough to catch up.” Furthermore, one in four polled said they have no savings at all. In other news, Goldman Sachs CEO David Solomon is warning that the economy may be headed for a downturn that could make investing and business decisions more difficult.

CNBC/Jeff Cox
Goldman CEO David Solomon says there’s a good chance of a recession and so it’s time to be cautious

Goldman Sachs CEO David Solomon warned Tuesday that the U.S. economy might be headed for a downturn that could make investing and business decisions more difficult.

“I think it’s a time to be cautious, and I think that if you’re running a risk-based business, it’s a time to think more cautiously about your risk box, your risk appetite,” Solomon said during a live interview on CNBC’s “Squawk Box.”

“I think you have to expect that there’s more volatility on the horizon now. That doesn’t mean for sure that we have a really difficult economic scenario. But on the distribution of outcomes, there’s a good chance that we have a recession in the United States,” he added.

You can read the full story, here.

SmartAsset via Yahoo Finance/Patrick Villanova
Most Americans Are Behind on Retirement Savings: How to Avoid That Fate

When it comes to retirement savings, American workers have a lot of work to do.

A recent Insured Retirement Institute survey found that workers between the ages of 40 and 73 have insufficient retirement savings to cover their income needs, and they aren’t saving enough to catch up. The online survey, which polled 990 workers in March 2021, sheds new light on lagging savings rates, unrealistic retirement income expectations, and a widespread lack of basic retirement planning.

You can keep reading, here.

Fox Business/Peter Kasperowicz
Government data proves ‘corporate greed’ isn’t causing inflation, contrary to Dem claims: economists

Democrats have blamed rising inflation on “corporate greed” for the last several months, but economists note that the Biden administration’s own data proves that, if anything, companies are going out of their way to keep costs down for consumers.

One way the government measures inflation is by examining changes in the prices companies pay for goods and services, known as the Producer Price Index (PPI). Another measure, the Consumer Price Index (CPI), measures changes in the prices consumers pay for what they buy.

Rising prices for companies often foreshadow rising prices for consumers, and both the PPI and CPI have measured a steep increase in inflation since President Biden took office. But economists noted to FOX Business this week that since early 2021, the price hikes that companies have faced are higher than the increases seen by consumers.

In other words, while company costs are rising, not all of those costs are being passed on to consumers.

Continue reading, here.

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