Shopping wisely and making smart spending decisions isn’t exactly easy in the best of times, and during times of inflation, it’s particularly challenging. But regardless of the economic climate you’re in, finding ways to save for your retirement is always worthwhile — it may just take some behavior-shifting.
Right now, signs are pointing to economic recovery. Inflation, the term that describes the increase of goods and prices rising all at once, is currently hovering around 4%, according to the U.S. Bureau of Labor Statistics — it’s eased considerably since the summer of 2022 when it peaked at 9.1%, though rents and mortgages are still relatively high.
If you’re struggling with recent price hikes, you may be tempted to cut back contributions to your 401(k) or to stop putting money into your retirement altogether, but that may not be the best idea. After all, saving less may just make money tighter when you really need that retirement fund. Whether you’re feeling overwhelmed by rising costs or have already adjusted, here are some money moves you can make today to keep working toward your retirement goals tomorrow.