While real wages are on the rise, they can't keep up with the increased cost of living, which is growing at the fastest annual pace in about four decades. Over the past year, inflation eroded pay by 1.7%, according to the U.S. Department of Labor. Even among those earning six figures, 42% said they were living paycheck to paycheck, the survey of more than 3,000 adults found. "Increasing prices are impacting a lot of Americans," said Shelly-Ann Eweka, senior director of financial planning strategy at TIAA. "Higher wages will help workers have additional cash flow to cover expenses."
