Over Two-Thirds of Retirees in the US Are Concerned About Global Inflation
- Published: 2nd December 2022
Global inflation affects the cost of goods, services, taxes, and investments, which can have an impact on retirees’ budgets. Rising prices for everyday items such as food and utilities mean that retirees on fixed incomes must be especially mindful of their spending. According to MoneyTransfers.com, 67% of retirees are worried about global inflation in the US.
Jonathan Merry, the CEO of MoneyTransfer, commented on the data. He said,
It’s no surprise that retirees are concerned about global inflation. Retirees on fixed incomes are already stretched tight, and any increase in the cost of goods or services can have a dramatic impact on their budgets.MoneyTransfer CEO, Jonathan Merry
Fixed Income, Fixed Lifestyle
Inflation is a significant problem for retirees, who often have fixed incomes. This can be very difficult, especially for those used to a particular way of life. When inflation rises, retirees must adjust their spending accordingly.
Retirees are not the only ones worried about inflation. There are concerns from many Americans who see the cost of living skyrocketing daily.
Need for Protection Against Inflation
Retirees can help to protect themselves against rising costs by making wise investment decisions. Investing in mutual funds and index funds can help guard against global inflation’s effects.
In addition, retirees should consider investing in treasury securities and other government bonds, as these tend to be safer than stocks or corporate bonds and provide greater security.
As you invest as a retiree, you need to diversify your investments by investing in different types of assets, such as stocks, bonds, and cash. It is also essential to consider long-term investments when planning for retirement. Long-term investments can provide a steady income stream that helps retirees stay ahead of inflation and maintain their financial security.
Finally, retirees should remember other options available, like annuities and long-term care insurance. Annuities can provide a steady income stream during retirement.