A study by BMO Harris Bank found that one million dollars in a retirement account in 2020 is worth about $120,000 less when adjusted for inflation in 2022, according to the news outlet.
“If you’re retired and on a fixed income, inflation really, really hurts,” Nari Rhee, a director of the retirement security program at the UC Berkeley (Calif.) Labor Center, told the new outlet. “We’ve come out of decades of historically low interest inflation to all of a sudden pretty substantial inflation, especially in things that matter to people, which is food and fuel.”
Other factors that have impacted retirement include the pandemic, a war in Europe, rise in interest rates and an anticipated recession, but inflation has the largest impact, according to CNBC.
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