On September 13, 2023, it was announced that August saw inflation record its biggest monthly increase for all of 2023 as energy prices rose significantly. Specifically, the Department of Labor reported that the Consumer Price Index (CPI), which measures costs across a broad array of goods and services, rose 0.6% for the month, and was up 3.7% from a year …
Inflation: The Nemesis of Every Single Retiree
As a retiree, one of the significant financial challenges you may encounter is inflation. The rising costs of goods and services can erode the purchasing power of your retirement savings, making it difficult to maintain your desired lifestyle. However, it’s not all doom and gloom. There are ways to safeguard your finances and make your retirement more inflation-resistant. Adjusting Your …
4 Tips and Resources to Help Seniors During Periods of High Inflation and Market Volatility
In 2022, U.S. inflation hit a 40-year high, with prices for food, housing, gasoline, and other key staples increasing by nearly 10% over the previous year.1 During these uncertain times, stocks have continued a roller-coaster ride that has given heartburn to financial professionals and investors alike. For retirees and seniors on a fixed income, the true costs of inflation and market …
High Inflation – How Long Will It Last?
In March 2022, the Consumer Price Index for All Urban Consumers (CPI-U), the most common measure of inflation, rose at an annual rate of 8.5%, the highest level since December 1981.1 It’s not surprising that a Gallup poll at the end of March found that one out of six Americans considers inflation to be the most important problem facing the …