What will inflation’s impact on seniors be?

By Mark Lange | May 16, 2022

Let’s look at what’s happening now.

  • Inflation is up 8.5% year to date, the highest rise in decades
  • This has had a catastrophic effect on senior citizens who are on a fixed income, with many of them having to resort to government assistance to eat, or are having to dig into their savings to afford the cost of living. In some cases, individuals have been unable to retire as planned, or have had to return to the workforce from retirement.
  • HR professionals, librarians, and others who have influence over the elderly should be providing financial education regarding the importance of financial planning, cash flow budgeting, and appropriate use of Medicare information resources

If you have any questions about how to do this, please feel free to contact us.

Starting in June, we’ll be having a financial literacy workshop through SOFA, a non profit, on the second Wednesday of each month at 7 PM, over Zoom.

Please feel free to sign up, or if you’d like to set up a SOFA workshop for your organization, please contact us.

Sources

US Inflation Calculator. Current US Inflation Rates:2000-2022. https://www.usinflationcalculator.com/inflation/current-inflation-rates/

US Bureau of Labor Statistics. (12 April, 2022). Consumer Price Index News Release. https://www.bls.gov/news.release/archives/cpi_04122022.htm

Bhattarai, Abha. (21 March, 2022) Fewer hot showers, less meat: How retirees on fixed incomes are dealing with inflation. Washington Post. https://www.washingtonpost.com/business/2022/03/21/elderly-inflation-fixed-income/

Disclosure: SOFA, Prudent Financial Advisors LLC, Wealthcare Advisory Partners LLC and LPL Financial are separate entities

Posted in Retirement