When inflation is at normal levels of around 2%, people can barely notice price changes. However, the last few years made it harder for everyone as food, services, fuel, and many other things got much more expensive. People may need more for their retirement than they think.
Gen Z and millennials, watch out
While the traditional savings benchmark for retirement has long been set at $1 million, the current inflation rate is causing alarm among members of Generation Z and millennials. Inflation, however, has caused the standard to increase up to $3 million.