Inflation making it tough for Americans to save for retirement, survey finds

Squirreling away money for a rainy day, much less one's golden years, is not exactly America's forte, and a survey shows that soaring inflation is making it even harder for people to put money away for retirement. 

More than half, or 54%, of adults said they had stopped saving for retirement or reduced their contributions because of inflation, according to an online poll of 1,004 adults taken in September by insurance provider Allianz Life. More than a quarter also reported having to dip into their retirement savings to keep pace with everyday expenses. 

To be sure, many Americans have struggled to set money aside long before the ongoing bout of inflation. Research published in 2019 found that nearly half of U.S. families had exactly nothing saved for retirement.