Some economists call inflation a "tax," and one reason is because it's not easily understood as it moves slowly and cripples spending power -- it's insidious, but the Biden-era inflation has been slowly destroying the retirement plans of some Americans.
One expert says it's a case of subtle inflation at a time when the labor market is tightening, resulting in a squeeze on those trying to save or protect their current savings.
As one result, a new survey using Census data indicates the "average" US citizen has less than $1,000 put aside for retirement.
"Prices are rising but people aren't getting raises or their not getting bonuses and people don't want to put that money away in a 401(k), they need it right now to get by," is how Brenda Siri, CEO of Corporate Connections puts it, and the economy changed so fast during the pandemic years that it's been hard to keep up.
It's a kind of cycle: Inflation rises and falls, but even after it's gone down it works its way through the financial system, with manufacturers raising prices, which raises wholesale costs, then distribution costs, transportation costs, retail costs, finally making it around to an individuals' or family's budget, which has to be cut because of rising prices, but then budget cuts reduce sales of items, which affect markets even more.
And in such volatile times, it becomes hardest to save money, especially just voluntarily.
"Back in the day when my dad worked, there were pensions at companies and people automatically got that savings incentive to go toward their retirement," Ms Siri says.
The slow movement of inflation through the system, which can take years, can cause some price increases to seem current when in fact they're more a current effect of previous overall inflation.
But many workers turned to loans and credit to help them through the rising costs, and now the credit bills are eating into their budgets as well.
"Some people are still paying student loans into their 50s and 60s, and those are something you cannot default on," since they're your responsibility even if you declare bankruptcy.
There are new trends showing up that are concerning to inflation-watchers, such as would-be retirees working beyond age 70 and others who are emerging from retirement because they're running out of money.
Inflation is indeed insidious.