Is inflation finally forcing Americans to cut back 401(k) savings?

USA Today · , USA TODAY · 2026-11-05 10:02 UTC

A new survey suggests American workers are cutting back on 401(k) retirement savings to cover rising living costs.

Corrections & Clarifications: A quote about the percentage of retirement savers pulling back on contribution rates was incorrectly attributed. The spokesman was Michael Shamrell, Fidelity’s vice president of workplace thought leadership.

American workers may be cutting back on 401(k) retirement contributions to cover rising living costs, a new report suggests.

In a TIAA survey, 43% of Americans said they have cut back on retirement contributions or stopped them entirely in the past year to keep up with daily expenses. Only 7% said they have increased retirement contributions in the past 12 months.

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