Raphael Stevens

Nearly all travelers surveyed by booking platform Kind Traveler said it’s important their travel dollars have a positive effect on the destination they visit.
Kind Traveler’s 2022 report on impact travel highlights 10 trends in sustainable and socially conscious travel worldwide.
Around half of survey respondents said they have trouble finding accommodations options that meet their own sustainability standards.

Forty-eight percent of respondents told Kind Traveler their greatest challenge in traveling sustainably is finding accommodations that are both “sustainable and socially conscious.”
Klaus Vedfelt | Digitalvision | Getty Images

Everyone likes a bargain when it comes to booking travel, but many also want the money they spend to do some good where they’re headed, according to a survey from hotel booking platform Kind Traveler.
To that point, 96% of survey respondents told the woman- and veteran-owned company that it’s “important” (or slightly, fairly or very important) that their travel dollars make a positive impact in the destinations they visit. Kind Traveler surveyed 1,014 people, 90% of them in the U.S., last year.

The Importance of Impact Travel in Bookings

In a 2021 survey of 1,014 travelers, Kind Traveler found that:

96% said it’s important (slightly important, fairly important, important or very important) that “my travel dollars are making a positive impact in the places I visit.”
48% said “my greatest challenge in traveling sustainably is choosing accommodations that are sustainable and socially conscious.”
37% said “my greatest challenge in traveling sustainably is reducing or eliminating my carbon footprint.”

— Source: Kind Traveler

The survey, whose findings were released in the 2022 Kind Traveler Global Impact Tourism Report, also found that nearly half (48%) of respondents said their greatest challenge in trying to travel sustainably is finding accommodations that are both “sustainable and socially conscious.”
More than a third, meanwhile, said their greatest challenge is reducing or eliminating their carbon footprint. The full report also details 10 travel industry trends distilled from feedback from 64 Kind Traveler partner hotels, charities and destinations in 16 countries. These include:

Hotels and destinations creating innovative ways for guests to give back to surrounding communities and environments.
Charities developing “impact tourism” experiences to motivate responsible travel.
Hotels acting as “regenerative powerhouses” in their host communities.
Global travelers asking for transparency around hotels’ charitable and sustainable efforts.

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“Trends give us direction, while solutions give us better pathways forward,” said report author and Kind Traveler CEO Jessica Blotter, in a statement. A former earth science teacher, Blotter said “education and positive change are interlinked.”
“By creating and offering more kind choices, it’s possible to create tourism opportunities that drive positive impact and trip satisfaction,” said Blotter, who is also board chair of the Center for Responsible Travel.

The Kind Traveler platform offers users special rates and perks from “curated” hotels when they donate a minimum $10 to a vetted charity of their choice or in the destination they will visit. The firm says 100% of donations go to charity and it provides “positive impact metrics” with every booking. As of 2022, Kind Traveler works with hotels and tourism boards in 22 countries and 100-plus charities worldwide.

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NATO chief Jens Stoltenberg on Wednesday urged Russian President Vladimir Putin to stop the war in Ukraine “immediately” and engage in diplomacy.
Speaking at an extraordinary meeting of NATO defense ministers in Brussels, Belgium, he said the alliance had agreed to double down on its support for Ukraine via military, financial and humanitarian aid.
However, he said NATO was unmoved on its resistance to fast-track Ukraine’s application to join the alliance.

NATO Secretary General Jens Stoltenberg speaks during a press conference ahead of the alliance’s Defence Ministers’ meeting at the NATO headquarters in Brussels on March 15, 2022.
Kenzo Tribouillard | AFP | Getty Images

NATO Secretary-General Jens Stoltenberg on Wednesday called on Russian President Vladimir Putin to “immediately” stop the war in Ukraine, adding that Russia’s efforts to undermine the alliance had failed.
“President Putin must stop this war immediately [and] engage in diplomacy in good faith,” Stoltenberg said at an extraordinary meeting of NATO defense ministers in Brussels.

At the same time, he said the military alliance had agreed to double down on its support for Ukraine, providing further military supplies, financial help and humanitarian aid.
Stoltenberg added that member states would expand their defenses across land, air, sea and space in response to the “new reality for our security,” applauding new financing commitments from Germany and Denmark.
“President Putin’s aim was to undermine NATO. What he’s done is to strengthen NATO. … He’s getting more NATO on [Russia’s] borders,” he said.
Asked whether NATO had changed its stance on fast-tracking Ukraine’s application, however, Stoltenberg said the alliance was unmoved.
“Our message to Ukraine is the same as it has been for years … it has its own right to choose its path,” Stoltenberg said during a news conference.

“It’s up to them whether they decide to apply to NATO,” he continued, adding that the application would then be subject to a vote by member states. “It’s not for Russia to try to veto such a process.”
The comments come hours after Ukrainian President Volodymyr Zelenskyy addressed the U.S. Congress via videoconference, pleading for more aid to help his embattled country fight its invasion by Russia.
In a near-20 minute speech, Zelenskyy once again called on the U.S. to implement a no-fly zone over Ukraine in a bid to stem the Russian attacks, which have led to many deaths.

“Is this a lot to ask for, to create a no-fly zone over Ukraine to save people?” he said from the Ukrainian capital Kyiv. “Is this too much to ask?”
Western allies have so far been resistant to Ukraine’s appeals for a no-fly zone, arguing that it would bring NATO into direct conflict with Russia — a move member states say would mark the start of a third world war.
Acknowledging that, Zelenskyy offered an alternative: the provision of additional weapons and humanitarian support alongside even tougher sanctions on Putin and his inner circle.

Russia-Ukraine talks

U.S. President Joe Biden is expected to announce hundreds of millions of dollars in additional aid to Ukraine later Wednesday and is due in Brussels next week for a meeting of NATO leaders.
Ukraine has been engaging in continued negotiations with Russia to bring an end to the conflict which has now reached its 21st day.

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Earlier Wednesday, Moscow hinted that its aims would include Ukraine becoming a so-called neutral state comparable to Sweden or Austria. Under the proposals, Ukraine would be permitted its own limited army but would be prevented from its ultimate aim of joining NATO.
“The Russian Federation believes that the Swedish version of a neutral state in Ukraine can be seen as a compromise,” Kremlin spokesperson Dmitry Peskov told reporters Wednesday.
Putin on Tuesday had accused Kyiv of not being serious about seeking a compromise.

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Walmart wants to hire more than 50,000 employees by the end of April.
The big-box retailer said the new hires will include personal shoppers, delivery drivers and data scientists, among others.
The company will have to woo workers in a tight labor market.

An employee restocks frozen food products at a Walmart Inc. store in Burbank, California.
Patrick T. Fallon | Bloomberg | Getty Images

Walmart said Wednesday it wants to hire more than 50,000 employees by the end of April, as it chases growth in new business categories from online grocery to advertising.
The big-box retailer said the new hires will include personal shoppers, delivery drivers and data scientists, among others.

Walmart, which is already the nation’s largest private employer with about 1.6 million employees, aims to ratchet up its advertising business, expand its third-party marketplace and launch its direct-to-fridge grocery delivery service in additional markets.
Adding new employees could be a tall order at this time, though. It will be competing for labor with fellow retailers and restaurants in a tight market where some companies are raising pay and sweetening perks to attract workers. Walmart’s starting pay is $12, lower than the $15-per-hour minimum rate at rivals Target and Amazon.
Walmart spokeswoman Anne Hatfield noted that the company’s size gives employees an opportunity to move into higher paying roles. At stores, hourly pay is as much as $26 for “team leads,” a supervisor role that oversees departments like bakery. At distribution and fulfillment centers, supply chain workers’ hourly pay starts at $16 but can rise to $30, she said.
It has also added employee perks like the Live Better U program, which covers the cost of college tuition and textbooks for employees.
As part of its new business push, Walmart said Tuesday it would hire more than 5,000 engineers, data scientists and tech experts and turn Toronto and Atlanta into office locations for that global tech team.

Additionally, the company said it needs to hire more than 3,000 delivery drivers to scale up InHome, its direct-to-fridge grocery delivery business. Walmart intends to expand that service to 30 million households by year-end — up from 6 million now.
The push into new business is happening amid robust retail sales projections. The National Retail Federation said Tuesday that it expects retail sales to expand between 6% and 8% this year, including the effects from inflation-fueled prices.

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Starbucks’ board is searching for the coffee giant’s next CEO after Kevin Johnson announced his plan to retire in April.
Former CEO Howard Schultz will step in as interim chief executive for his third stint in the top job while the board picks Johnson’s successor.
Whoever takes the reins will inherit a business still recovering from the pandemic, particularly in China, and facing a swelling effort by baristas to unionize.

Kevin Johnson, CEO, Starbucks
Scott Mlyn | CNBC

Starbucks’ board is searching for the coffee giant’s next CEO after Kevin Johnson announced his plan to retire in April.
Former CEO Howard Schultz will step in as interim chief executive for his third stint in the top job, but he’s only expected to stick around until autumn. In the meantime, the board has said it already has a slate of candidates lined up, according to Chairwoman Mellody Hobson.

It’s not immediately clear who will be Johnson’s permanent successor. Whoever takes the reins will inherit a business still recovering from the pandemic, particularly in China, and facing a swelling effort by baristas to unionize.
The company is also upgrading its U.S. cafes to match how customers want to order and pick up their coffees and striving to meet ambitious sustainability goals.
“We’re looking at all possibilities, so we just want the player and we will leave no stone unturned,” Hobson said on CNBC’s “Squawk Box” on Wednesday.
Here’s who is likely under consideration to be the next Starbucks CEO:

Current COO John Culver

John Culver, Starbucks
Source: Starbucks

Starbucks has traditionally used its chief operating officer role as a training ground for future CEOs. Johnson served as COO under Schultz for two years before becoming CEO. Former COO Roz Brewer, once thought to be the heir apparent, departed the company in early 2021 to become chief executive of Walgreens Boots Alliance, which is in the middle of a turnaround.

John Culver has served as chief operating officer and president of North America since late June. A Starbucks veteran for two decades, he has experience working under Schultz, who will likely have a significant say in the CEO appointment. Culver is also on the boards of Columbia Sportswear and Kimberly-Clark.
But the Starbucks board may be looking for someone with a little more experience.

A former COO

Troy Alstead, Chief Operating Officer of Starbucks.
David Ryder | Reuters

Cowen analyst Andrew Charles put forth former Starbucks COO and CFO Troy Alstead as one of his picks for Johnson’s successor.
“We argue former Starbucks COO (and CFO) Troy Alstead, who was beloved by the investment community, ought to be on the short list for the role,” Charles wrote in a note to clients on Wednesday.
Alstead resigned from the company in 2016 after a lengthy leave of absence and more than two decades with the coffee chain. At the time of his retirement, he told the Puget Sound Business Journal that he wasn’t going back to the corporate world. Johnson was his successor.

Starbucks Chief Operations Officer and Group President Rosalind “Roz” Brewer speaks at the Annual Meeting of Shareholders in Seattle, Washington on March 20, 2019.
Jason Redmond | AFP | Getty Images

Starbucks could also try to lure Brewer back into the fold, this time for the top job. In comparison to turning around Walgreens’ struggling business, Starbucks would offer relatively less stress.
However, the pharmacy chain was likely looking for stability when it hired her and might have asked her to sign a long-term contract that keeps her from departing.

Howard Schultz, again

Former Chairman and CEO of Starbucks, Howard Schultz, speaks during the presentation of his book ‘From The Ground Up’ on January 28, 2019 in New York City.
Johannes Eisele | AFP | Getty Images

Yes, Starbucks says that Schultz will only be serving as interim CEO until the fall.
“He’s not going to stay for three years,” Hobson said Wednesday. “We get him until the fall, full stop. Trust me.”
But not everyone’s convinced.
“While the company has initiated a search for a permanent CEO and expects to announce this leadership by the fall, we would not be surprised if this transition period leads to a permanent role (again) for Mr. Schultz,” BTIG analyst Peter Saleh wrote in a note to clients reacting to the news.
Schultz also said in his own statement that he never thought he would be back at the coffee chain, after he helped turn it into a global brand.
“When you love something, you have a deep sense of responsibility to help when called,” he said. “Although I did not plan to return to Starbucks, I know the company must transform once again to meet a new and exciting future where all of our stakeholders mutually flourish.”
Investors celebrated the idea of Schultz’s return, sending Starbucks shares up nearly 7% in morning trading.

A board member

Mary Dillon, CEO Ulta Beauty

Both Johnson and Brewer were on Starbucks’ board before they made the jump to serving as its chief operating officer. While it’s rare for the board to pick one of its own, it’s not completely inconceivable. Visa, DuPont and General Motors have all selected from among their directors before.
The Starbucks board includes a number of business leaders with strong experience leading consumer companies. Mary Dillon, who retired as CEO of Ulta last summer, has decades of experience, including a stint as McDonald’s chief marketing officer. Domino’s Pizza CEO Ritch Allison, who has been on the Starbucks board since 2019, recently announced his own retirement. However, he told CNBC he was ready to decamp to his native North Carolina — a far cry from rainy Seattle, where Starbucks is headquartered.
Director-to-CEO appointments tend to happen quickly, though, most after the outgoing CEO resigns or is ousted. According to a Stanford University paper, roughly two-thirds of such elections follow a sudden resignation. Starbucks’ board likely wouldn’t need another six months to appoint one of its own directors.
Hobson herself has been on Starbucks’ board for 17 years and served as its chair for one year. She also serves as co-CEO of Ariel Investments, but her lack of experience leading a consumer-focused company makes her an unlikely candidate.

New blood

Hobson said the company is looking into all possibilities, including external candidates, to take the reins.
An outsider could bring a new vision and ideas to the company. Johnson, for example, leaned on his technology expertise as former CEO of Juniper Networks to bring Starbucks into the digital age, modernizing everything from restaurant ordering to the company’s innovation process.
“Given Mr. Johnson’s background in tech prior to joining the company, [Starbucks] is likely to conduct a broad search,” BMO Capital Markets analyst Andrew Strelzik wrote in a note. “That said, we prefer to see an incoming CEO with strong consumer industry experience.”
Tapping an outsider could also help Starbucks as its U.S. baristas push to unionize company-owned locations. To date, roughly 140 Starbucks stores in 26 states have petitioned the National Labor Relations Board to unionize, according to Starbucks Workers United. Six locations so far have voted in favor of a union.
Organizers have accused the company of union busting, which the company denies. The NLRB filed a complaint over accusations Starbucks retaliated against two employees in Phoenix who were seeking to unionize their store location.
“Unionization publicity could be a factor pushing the company to look externally for a corporate culture founded on benevolence by Mr. Schultz,” Cowen’s Charles wrote.

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Sustainable Energy

Sustainable Energy
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Signing of contract builds upon a letter of intent from last summer.
Hydrogen has a diverse range of applications and can be used in a wide range of industries, including transportation.
In rail, Siemens Mobility is one of several companies that have been working on trains which use hydrogen.

A model of Siemens Mobility’s Mireo Plus photographed in 2019.
Nicolas Armer | Picture Alliance | Getty Images

Plans to deploy a hydrogen-powered train in the southern German state of Bavaria took a step forward this week after Siemens Mobility and rail operator Bayerische Regiobahn put pen to paper on a leasing contract.
The signing of the contract, which took place on Tuesday, builds upon a letter of intent from last summer.

In a statement Wednesday, Siemens said testing of the prototype train would start in mid-2023 on routes including one between Augsburg and Füsse, with the train slated to officially begin a passenger service in Jan. 2024.
The two-car train is based around Siemens Mobility’s Mireo Plus platform. It will use fuel cells that are roof-mounted and incorporate underfloor batteries.
Albrecht Neumann, rolling stock CEO at Siemens Mobility — a separately managed business of Siemens — described the Mireo Plus H as featuring “high driving power, excellent acceleration capability and a large operating range.””The hydrogen-powered drive is an emission-free, advanced form of propulsion for trains that decarbonizes rail transport and makes a substantial contribution toward reaching our climate goals,” Neumann said.

Read more about electric vehicles from CNBC Pro

Described by the International Energy Agency as a “versatile energy carrier,” hydrogen has a diverse range of applications and can be used in a wide range of industries, including transportation.
In rail, Siemens Mobility is one of several companies that have been working on trains that use hydrogen. Others include East Japan Railway and European railway manufacturer Alstom. Hydrogen trains from Alstom have already carried passengers in Germany and Austria.

On the road, automotive firms like Toyota have dipped into the hydrogen fuel cell market while smaller companies such as Riversimple are also developing hydrogen-powered cars.
In aviation, Airbus released details in Sept. 2020 of three “hybrid-hydrogen” concept planes, saying they could enter service by the year 2035. The same month saw a hydrogen fuel-cell plane capable of carrying passengers complete its maiden flight.
Airbus CEO Guillaume Faury recently told CNBC that hydrogen planes represented the “ultimate solution” for the mid and long term. More

Ken Griffin, Founder and CEO, Citadel
Mike Blake | Reuters

The owners of the Chicago Cubs and Ken Griffin, the billionaire hedge fund tycoon, have joined forces to table a blockbuster bid for Chelsea Football Club.
Sky News can exclusively reveal that the Ricketts family and Mr Griffin have formed an investment group that will lodge a formal offer for last season’s Champions League winners on Friday – the deadline set for bids to be in.

The development, which will be publicly announced on Wednesday, presents a formidable competitor to rival bidders as Roman Abramovich’s 19-year tenure as Chelsea’s owner draws to a conclusion.
Sources close to their impending bid said the Ricketts’ record of success with the Chicago Cubs and the financial firepower of their consortium would make an ideal recipe for success at Stamford Bridge.
The last six years have been the most successful in the Cubs’ history – winning the World Series and completing a $1bn renovation of the team’s home, Wrigley Field, which is one of the most historic sports arenas in the US, having been built in 1914.
That narrative is expected to be deployed amid the ongoing debate about the future of Stamford Bridge, which Chelsea fans and executives generally accept will need extensive expansion work if the club is to compete sustainably with European rivals which boast much larger capacities.

Mr Griffin’s involvement adds enormous financial clout to the bid. He is the founder and chief executive of Citadel Asset Management and among the most successful executives in the history of Wall Street.

Forbes magazine recently estimated his wealth at $26.5bn, making him the richest individual to be publicly linked with the Chelsea auction so far.
The source said the Ricketts-Griffin bid would be “the most complete bid on the table – no one else has had the on-field success the Ricketts Family have had with the Cubs, combined with successfully completing a massive renovation of an historic stadium”.
A statement from the Ricketts family confirmed the bid and added: “As long-time operators of an iconic professional sports team, the Ricketts Family and their partners understand the importance of investing for success on the pitch, while respecting the traditions of the club, the fans and the community.
“We look forward to sharing further details of our plans in due course.”
Rival bidders want to work with Candy
Meanwhile, other bidders are also considering joining forces as the race for Chelsea heats up. It is understood bidders are interested in joining forces with life-long Chelsea fan Nick Candy, due to his record of developing property in central London.
Candy has the funds and backers in place to make an offer for Chelsea this week. He has promised to give Chelsea fans a seat on its board if his bid is successful.
In an interview with Sky Sports News before Chelsea’s Premier League victory over Newcastle on Sunday, Candy revealed his passion for the club and his desire to become Roman Abramovich’s successor, who was sanctioned last week after announcing his desire to sell the Blues.
“I’ve supported Chelsea since I was the age of four,” Mr Candy told Sky Sports. “My dad was asked to play for Chelsea. I love Chelsea. I don’t mind where it ends up, even if it’s not with me, as long as it’s in safe hands.
“One hundred per cent [the fans need to be included in ownership] and they should be involved. Both on the board and economically.”
Government discuss third party option for Chelsea ticket sales
The UK Government have suggested to Chelsea they could start selling match tickets through a third party organisation to get past the sanctions placed on owner Abramovich.
The Blues cannot sell any more tickets to their fans – nor release any away tickets to visiting fans for Stamford Bridge games – under the licence handed to the Russian owner and the club last week.
Chelsea requested this weekend’s FA Cup quarter-final at Middlesbrough be played behind closed doors as the lack of Blues away fans there would damage the “sporting integrity” of the fixture and the competition. However, the west London club revoked that request after strong backlash from the football community.
However, the government want to let Chelsea start selling tickets again as soon as possible and one of the proposals they are working on is to hand over responsibility for selling tickets to a third party.
A third party would oversee the distribution of tickets to ensure that Roman Abramovich was not benefiting from the proceeds in any way.

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Starbucks CEO Kevin Johnson is retiring after five years on the job. Howard Schultz will return as interim chief executive, once again taking the helm of the company he elevated to a global brand.
Starbucks hopes to find a permanent successor for Johnson by this fall.
The CEO shift comes against a backdrop of growing efforts among company employees to unionize.

Starbucks CEO Kevin Johnson is retiring after five years on the job.
Howard Schultz will return as interim CEO, once again taking the helm of the coffee chain he elevated to a global brand while the company searches for a long term successor. This will be his third tenure as Starbucks’ chief executive.

Shares of the company rose 6% in premarket trading on the news. Starbucks announced the leadership transition ahead of its annual shareholder meeting Wednesday.
“A year ago, I signaled to the Board that as the global pandemic neared an end, I would be considering retirement from Starbucks. I feel this is a natural bookend to my 13 years with the company,” Johnson said in a statement.
Johnson joined the board in 2009 while working as CEO of Juniper Networks, and became a member of the leadership team in 2015 as president and COO. In 2017, he was named president and CEO, succeeding Schultz. Wednesday’s annual shareholder meeting marks his 14th with the company, he wrote in his final letter to employees.
In addition to steering the company through the pandemic, Johnson used his expertise as a former tech executive throughout his tenure to push Starbucks into the digital age, revamping its loyalty program and updating its store footprint to reflect the different ways consumers want to buy their coffee. He also accelerated the chain’s expansion in China, now its second-largest market.
In his time as head of the company, shares of Starbucks rose more than 50%, including Wednesday’s premarket gains.

Chair of Starbucks’ board Mellody Hobson told CNBC’s “Squawk Box” the company intends to select a permanent successor by the fall.
“We’re not going to hire over Zoom, I can tell you that,” Hobson, co-CEO of Ariel Investments, said on CNBC’s “Squawk Box.”
She added the company already has a number of strong candidates in contention for the top job.
Schultz, 68, said in a statement he previously had no plans to return to the company. He served as CEO from 1986 to 2000, and again from 2008 to 2017. He also weighed a potential run for president ahead of the 2020 elections.
“When you love something, you have a deep sense of responsibility to help when called. Although I did not plan to return to Starbucks, I know the company must transform once again to meet a new and exciting future where all of our stakeholders mutually flourish,” Schultz said in a statement. “With the backdrop of COVID recovery and global unrest, its critical we set the table for a courageous reimagining and reinvention of the future Starbucks experience for our partners and customers.”
Schultz’s salary as interim chief executive will be $1, the company said. Hobson said the company will lean on “his excellent and his brilliance” throughout the transition, but denied he would stay on longer as the company’s next full-time chief executive.
“We have a great slate of candidates. People want this job, and we’re fully confident we’ll have a new leader in the fall,” she said. “He’s not going to stay for three years. … We get him until the fall, full stop. Trust me.”
The CEO shift falls against a backdrop of growing efforts among Starbucks employees to unionize. To date, roughly 140 Starbucks stores in 26 states have petitioned the National Labor Relations Board to unionize, according to organizers Starbucks Workers United. Six locations so far have voted in favor of a union.
In a move that may have signaled his return to the company, Schultz appeared at Buffalo, New York-area cafes ahead of union elections, along with other top Starbucks executives, to dissuade baristas from voting in favor of unionizing.
This week, the National Labor Relations Board filed a complaint over accusations Starbucks retaliated against two employees in Phoenix who were seeking to unionize their store location. On Tuesday, a group of 75 investors in Starbucks sent a letter to Hobson and Johnson urging the company to adopt a policy of neutrality for all current and future attempts of its workers to organize.
Hobson said Tuesday that Starbucks “made some mistakes” when asked about the union push.
“When you think about, again, why we’re leaning on Howard in this moment, it’s that connection with our people where we think he’s singularly capable of engaging with our people in a way that will make a difference,” she said.
Johnson’s retirement announcement marks the fourth notable CEO transition from a publicly traded restaurant company in recent months.
Domino’s Pizza CEO Ritch Allison will retire at the end of April, and Darden Restaurants’ Gene Lee will do the same the following month. Wingstop announced Monday that CEO Charlie Morrison stepped down to become chief executive of Salad and Go, a much smaller drive-thru salad chain.

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Life Changes

Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying retirement due to inflation, according to a Nationwide survey.
However, these shifts may reflect a lack of understanding and confidence in their financial plan, experts say.

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As inflation rises, many Americans are shifting life milestones, including retirement.
Some 13% of Gen Xers and baby boomers say they have postponed or considered delaying plans to leave the workforce due to soaring costs.

That’s according to a survey from the Nationwide Retirement Institute, showing a cross-generational wave of Americans canceling or postponing major events due to rising prices.
Annual inflation spiked by 7.9% in February, a new 40-year high, according to the U.S. Department of Labor, representing the cost of food, gas, housing and more.

More from Life Changes:

Here’s a look at other stories offering a financial angle on important lifetime milestones.

Almost all consumers worry about inflation, Nationwide found, and most expect a continued rise in the cost of living over the next 12 months.  
Someone close to retirement or already living on a fixed income may be particularly vulnerable to inflation, said Zachary Bachner, a certified financial planner with Summit Financial Consulting in Sterling Heights, Michigan.  
“When prices rise, they are usually forced to reevaluate their budget and find ways to cut expenses,” he said.

And stock market downturns can create further problems for some retirees, depending on the construction of their portfolio and timing of withdrawals, known as the “sequence of returns” risk.

Inflation is certainly not a reason to have to postpone [retirement].

Anthony Watson
Founder and president of Thrive Retirement Specialists

The recent drops in stock and bond prices may expose retirees to this risk if they are selling lower-priced assets to cover growing costs, Bachner explained.
While most investors believe climbing costs will affect retirement savings, some advisors say inflation alone hasn’t shifted their clients’ plans to stop working.  
“Inflation is certainly not a reason to have to postpone [retirement],” said CFP Anthony Watson, founder and president of Thrive Retirement Specialists in Dearborn, Michigan. “I think that’s just fear and uncertainty.”
These delays may reflect a lack of understanding and confidence in their retirement plan, he said. 

Many retirees may avoid the brunt of certain rising costs, according to J.P. Morgan’s 2022 Guide to Retirement. 
For example, although gasoline prices rose by about 24% over the past month, according to AAA, retirees tend to drive less, making them less vulnerable to surges at the pump. 
And when you separate out health care, retirees typically spend less on other categories, such as food, gasoline and housing, until age 80, according to the report.   More