Inflation forces Americans to dip into retirement funds

Inflation has forced many Americans to rethink how they spend their money.

For some those changes are not enough, forcing them to dig into other places like retirement funds.

A new report from Allianz Life says inflation has caused 54% of adults to either reduce or stop their retirement contributions and 43% say they have dipped into a retirement account due to inflation pushing up the cost of living.

Gregg Anderson with Financial Dimensions Group in Arden Hills says spend less where you can but try and not touch your retirement funds.

“You really are providing for your own retirement later on so you have to be diligent about monitoring that building up those assets, because eventually you are going to use it,” Anderson said.

Anderson says cut back on trips and going out to dinner to try save money instead of dipping into your retirement funds.