As inflation eats up more of consumers’ spending power and the demands of saving for retirement marches into closer view, many individuals grow increasingly more doubtful of their ability to meet both current and future financial demands. Perhaps one of the most effective ways happen to also be the most within an individual’s control—reducing or eliminating wasteful spending.
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Retirees have seen the purchasing power of their retirement income fall, while working Americans will now need to save and invest for a higher retirement income goal to ensure the same desired retirement standard of living. This erosion of purchasing power may continue for at least the next couple of years, lending urgency to the task of revisiting and potentially revising individuals’ personal retirement plans.
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Americans are being eaten alive by inflation. It’s not only food and gasoline prices that seem to jump every month; consumers have also been experiencing substantial price increases in electricity.
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Passage of the Inflation Reduction Act may or may not reduce inflation, but it will certainly have consequential impact on businesses, the climate and the financial viability of Medicare.
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With inflation remaining near 40-year highs, the Federal Reserve has started taking steps to moderate inflationary pressures through the use of the most powerful tool it has—raising interest rates.
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