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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Inflation is a tax that hurts all income earners. For lower income workers, higher costs mean very difficult tradeoffs that have an impact on everyday living. For higher income earners, it may have less of an impact of their standard of living, but higher expenses can erode the ability to save sufficiently for future goals, like retirement. There are a number of ways individuals and families can respond to rising prices and mitigate their harmful impact.
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