As an increasing percentage of Americans report they are having trouble making ends meet, many are cutting their retirement savings to ease their financial burden.
According to the 7th annual Personal Finance (P-Fin) Index, 1 in 4 American workers of all ages have cut their retirement savings in the wake of soaring inflation, which hit a 40-year high last year. According to the study jointly conducted by TIAA Institute and the Global Financial Literacy Excellence Center at George Washington University School of Business, 12% said they have stopped saving completely,
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