Respondents to the Bankrate survey said inflation is part of what’s keeping them from saving.
Stock Swoosh CEO Melissa Armo said people shouldn’t put their future ahead of the present and if Americans are cutting back on retirement savings to pay bills, that’s OK.
“If you’re under the age of 40, you really have plenty of time to catch up. If you’re over the age of 50 and you’re worried about it, I would give yourself a timeframe. Even if you want to cut back on your contributions maybe reevaluate in six months,” Armo said.
She said there is plenty of time to recover, although she expects the stock market might not rally until after the next presidential election.
For those who already have investments, Armo recommends riding out the bumpy stock market.
While the market has taken a tumble recently, she noted it’s still a lot better than things were in 2020.
Watch the full interview in the player above.