6 Costs That Are Making Retirement More Expensive
From the U.S. News & World Report website
Rising prices can be tough for anyone who relies on a set income in retirement. Inflation hit 7.9% in February 2022, a 40-year high. The rising prices for gasoline, shelter and food are contributing the most to the increase. “This is extremely detrimental to most retirees whose income is at least partially fixed,” says Doug Carey, owner of WealthTrace, a financial and retirement planning software company in Zionsville, Indiana. “I have found that a retiree with a $40,000 per year pension will lose 25% of the value of that pension in real dollar terms in just three years at today’s inflation rate.”
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