Survey: Up to 25 Percent of Americans Delaying Retirement Due to Inflation

As Americans grapple with increased prices for food, gas, and rent, the high cost of inflation is forcing some to delay retirement.

According to the BMO Real Financial Progress Index, a quarterly survey conducted from March 30 to April 25 shows that roughly one-quarter of Americans will have to delay their retirement. The survey finds that 36% of respondents had their savings reduced, 21% were putting away less for retirement to keep up with growing costs, and among those most impacted by inflation were ages 18-34, with 60% responding "they had to reduce contributions to their savings."

"We haven't seen this level of inflation in a very long time, and it's very daunting," said Paul Dilda, head of consumer strategy at BMO Harris Bank. Dilda adds that many in or near retirement may not have considered this surge of inflation in their financial plans, which has thrown off their budgets and timelines.

"It's difficult to save, and these times are making it even more difficult," Dilda said.

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