The cost of retirement is on the rise due to the Biden administration’s efforts to curtail “junk fees” associated with retirement investment advice.
According to Paul Mueller, an economist at the American Institute for Economic Research, the changing landscape necessitates a higher retirement savings goal. “Three years ago, if you had aimed for retirement savings of, for instance, $500,000, in today’s economic climate, given rising prices, you would need closer to $600,000,” he stated in an interview with FOX Business’ Gerri Willis.
“Over the past three years, you’d require an additional $100,000 to maintain the same purchasing power. Inflation has eroded people’s savings significantly,” he added.