Bidenflation is freaking people out as they look forward to their retirement years. The amount of money American adults believe they will need to save in order to retire has jumped 15 percent over last year and 53 percent(!) since 2020.
“It would take $1.46 million to retire comfortably, according to a recent survey of 4,588 adults released Tuesday,” reports the Wall Street Journal. “That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.”
“Anxiety about retirement is sky-high,” Teresa Ghilarducci, an economist, told the Wall Street Journal. Concerns about healthcare costs and long-term care (nursing home) are at the top of people’s worry lists.
More from the WSJ:
Millennials, those born between the early 1980s and late 1990s, sharply raised their estimates compared with before the pandemic. When they retire, millennials now expect to need $1.65 million. That is up from just under $1 million in 2020. Baby boomers, born between 1946 and 1964, said they would need $990,000, up from $830,000 in 2020, according to the poll, the latest installment of which was conducted in January.
The pandemic has nothing to do with this change in outlook. What people are freaking out over, and understandably, is Bidenflation. In just a little over three years, the cost of everything, especially the basics of life — housing, energy, and food — has exploded. Watching a dozen eggs jump from 99 cents under former President Trump to $4.00 under His Fraudulency Joe Biden is beyond unnerving. The price of gas jumped from $2.40 per gallon under Trump to $3.53 today. Then there’s the cost of buying a home, high mortgage rates, exploding auto and rent prices, and those booming healthcare costs Obamacare promised to save us from.
For the most part, people can get used to anything if there’s stability. Under Biden, though, the only stability is a lack of stability, making it impossible for anyone to plan for the future, especially young people. If eggs cost $4.00 a dozen today, how much will they cost in 20 or 30 years? How much will a gallon of gas cost?
Even in normal times, figuring out how to save for retirement is stressful. How long will I live? How much money will I need? Will Social Security be around? What if I end up in a nursing home (which Medicare does not cover)? How much money do I want to leave to my heirs? How much do I want to give to charity?
Add to those everyday worries Joe Biden’s insane economy caused by his excessive government spending, his deliberate crippling of domestic energy production, and flooding the country with illegal aliens who compete with Americans for wages, housing, and goods… What do you end up with? A stressed-out population pressuring itself to save $1.46 million instead of $1.1 million.
The anti-human left probably sees this development as a win-win. Because stress is a killer, it shortens life, so you won’t need as much money to retire, so what are you whining about?
Here’s a little retirement tip from me to you… What you save for retirement is important. Equally important, however, is not having any debt. If your house, car, and credit cards are paid off, that reduces the nut you have to crack each month, which allows you to retire with less money. Also, the sooner those things are paid off, the more money you can put away for retirement.
Yes, you will always have to pay property taxes and the like, but debt is slavery. Once your house is paid off, it is yours. Once your vehicle is paid off, it is yours. And things like credit cards with their 18 percent interest rates are nothing less than legalized loan sharking.
I’ll never have anything close to a million dollars, but because I have zero debt, no one owns me, and I can retire on very little — after my Blu-Ray addiction is cured. But it will only be cured when I own all the Blu-Rays! All of them!
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