From Peter Reagan
At this point, it has almost become cliché to say that “inflation is accelerating,” and that it’s taking a bite out of retirement savers income. But just how big is that bite?
According to this Moody’s analysis, that bite amounts to hundreds of dollars a month consumed by the tax nobody voted for:
Prices are rising on everything from energy to food to shelter, costing the average American household an additional $327 per month.
To put this into perspective, that’s the equivalent of a new car payment — except you don’t get to drive a new car. The latest release from the Bureau of Labor Statistics puts inflation at 8.3% annually, or the approximate equivalent of one month’s pay just to meet rising expenses.
Paychecks aren’t keeping up, either…
Real average hourly earnings decreased 2.6 percent, seasonally adjusted, from April 2021 to April 2022.
This is reality for millions of working families who are living through “Inflation Nation” right now.
Continue reading “Red-Hot Inflation Burning Up Budgets, Plans and Futures, Too…”
