Inflation is the hot topic right now. And for a good reason – we are experiencing inflation at 40-year highs.
Inflation is up more than 7.7% in the last 12 months, according to the Bureau of Labor Statistics. To put that into perspective, the average rate of inflation since 1922 has been 2.8%.
Many Americans are concerned about how inflation will affect their financial futures.
The vast majority of Americans (80%) said they worry about rising inflation continuing to have a negative impact on the purchasing power of their income in the next six months, according to the 2022 3Q Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). And 75% said they worry the rising cost of living will affect their retirement plans.