The Troubling State of Retirement Savings in America.

The US personal savings rate remains below its historical average, with a seasonally adjusted annual rate of personal saving at 4.6% in February, well below the average annual rate of more than 8%. However, Americans have trillions in excess savings compared with expectations leading up to the pandemic, which has helped buoy the economy. Experts believe these stockpiles of cash will begin to dwindle in 2023 due to high inflation and devaluing savings held in low return positions such as cash, which weighs on consumer spending.