How Inflation Pinches Retirees, and What to Do About It
No images? Click here By Brian Hershberg | June 27, 2021 Rising inflation has been dominating the conversation for the past few months, with prices jumping on many goods and services due to a variety of factors. These rising prices reduce all households' purchasing power, but they're particularly onerous for retirees and seniors who may be on a fixed income and have less flexibility to defer purchases on some of the hardest-hit categories like healthcare and shelter. To wit:
What's more, Social Security's cost-of-living adjustments haven't been keeping great pace, leaving beneficiaries exposed to prices rising faster than official measures. Barron's Retirement reporter Gail MarksJarvis this past week explored the ins and outs of inflation and how it affects retirees, and spoke with experts for strategies on how to protect your portfolio and savings.
For other tips and more on how the government tracks consumer prices, please see: Inflation Greets Retirees Emerging From the Pandemic. Here's How to Prepare It's Time for a Midyear Review of Your Finances. Here Are 6 Areas to Focus On.Financial pros say these periodic analyses should review retirement readiness and assess asset allocations, among other moves. Behavioral Biases Can Burn Your Early-Retirement Plans. Here's How to Extinguish ThemOn FIRE: Forgoing immediate gratification and staying flexible are key traits of savers pursuing financial independence or early retirement. But powerful behavioral biases can undermine those qualities if you don't account for them. The 4% Withdrawal Rule Shouldn't Be a Rule. Here's Why.The public’s psyche has been primed to believe in fixed withdrawal rate guidelines as gospel. That doesn’t serve many clients well, writes financial advisor Carolyn McClanahan. A Father's Son: Financial Lessons Live On After More Than a Half Century ApartLiving in Retirement: Our columnist looks back at his father's financial diary and the financial legacy he left Go On, Climb the Yield Ladder. Here's How to Find Yields of 7% or More Safely.Sick of fixed-income investments that pay almost no interest? There’s an alphabet soup of solid yields to be had for investors willing to ratchet up the risk. Yes, You Can Retire on Dividends. 10 Stocks for the Long Haul.The notion of using dividends for retirement income has plenty of appeal, with yields on many traditional income investments near historic lows and individuals increasingly on the hook for their postcareer income.
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