The best way to be prepared for high inflation is to invest wisely so your money grows faster than prices increase; to have more saved than you think you’ll need so you can increase your spending if prices rise more than expected; and to try to maximize Social Security income, which at least provides some protection against inflation even if COLAs have been too small.
For current retirees, making budget cuts may be essential, as it’s too late to increase savings substantially or to change a Social Security strategy. This can mean taking advantage of senior discounts, using substitute products when certain items become very expensive, or even moving to an area with a lower cost of living if inflation is persistent and severe and you worry about running short of funds.
By planning ahead for these three worries, future retirees can enjoy their senior years with fewer concerns. And those who have already left the workforce can ensure they remain as comfortable as possible for the rest of their lives.
The $16,728 Social Security bonus most retirees completely overlook
If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $16,728 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.