#inflation #retirement #yahoofinance
Yahoo Finance’s Rachelle Akuffo is joined by three retirement experts – Jean Chatzky, David Blanchett, and Ida Rademacher – to discuss strategies that retirees can employ as inflation eats into the power of their nest eggs.
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As retirees, high inflation can be a concerning issue as it can erode the purchasing power of your retirement savings. With prices on the rise, it’s important for retirees to consider strategies to mitigate the impact of inflation on their finances. Here are some things retirees can do to navigate the challenges of high inflation:
1. Diversify Your Investment Portfolio: In the face of high inflation, it’s important to ensure that your investment portfolio is diversified to include assets that can provide a hedge against inflation. This may include investments such as stocks, real estate, inflation-protected securities, and commodities.
2. Consider Annuities: Annuities can provide retirees with a steady stream of income that is protected against inflation. While the initial payout from an annuity may be lower than other retirement income options, the payments are typically adjusted for inflation, ensuring that retirees can maintain their purchasing power over time.
3. Cut Costs: Retirees can consider cutting costs in their everyday expenses to offset the impact of inflation. This may include downsizing to a smaller home, reducing discretionary spending, and finding ways to save on essentials such as groceries and utilities.
4. Stay Employed: For retirees who are able and willing to work, staying employed can provide a valuable source of income to offset the impact of inflation. This could be through part-time work, consulting, or freelance opportunities.
5. Revisit Budgeting and Financial Planning: High inflation may necessitate a reevaluation of your retirement budget and financial plan. It’s important to assess your current expenses and income to ensure that your financial plan is still aligned with your retirement goals.
6. Consider Social Security Delay: For retirees who have not yet started collecting Social Security benefits, delaying the start of benefits can result in higher monthly payments once they do begin receiving them. This can provide a valuable hedge against inflation as the purchasing power of those payments will be protected.
7. Stay Informed: Keeping abreast of economic and market developments can help retirees make informed decisions about their finances in the face of high inflation. This may include working with a financial advisor or staying up to date on economic news and trends.
High inflation can pose challenges for retirees, but by taking proactive steps, they can navigate these challenges and protect their retirement savings. By diversifying investments, considering annuities, cutting costs, staying employed, revisiting budgeting and financial planning, and staying informed, retirees can mitigate the impact of inflation and ensure a secure financial future.
Here's what I did. To put my wife & family at ease I had a Pow Wow one night recently. I told them I had come to a non negotiable decision. I told them my retirement was off and I would continue to operate my small business until further notice. I am very very healthy and enjoy my work. I told my wife she can retire instantly & we can still travel here & there but once home I am back to work. Result ? After initial shock my wife looked incredibly relieved. As did I. All retirement stress left my body. Head of Household Males need to consider this option. My wife retired and is thrilled. I have the satisfaction of doing what I've always done well- take care of my family.
Just keep believing in the system that makes the wealthy more money
What should retirees do if 20% of their money (possibly 10 years' worth) is gone as a result of this bear market?
Just eaten cheap ramen for now because my social security is not enough for living through.
These are the dumbest low brow answers I can imagine!