‘This is a tough time to be on a fixed income’—the grim inflation outlook and what retirees can do

‘This is a tough time to be on a fixed income’—the grim inflation outlook and what retirees can do

Inflation rocketed by 6.2% in the 12 months through October 2021, the fastest pace since 1990, and retirees on fixed incomes are feeling the painful pinch. They’re seeing prices soaring for everything from rent to gasoline to Medicare prescription drug premiums, and low rates on bank savings accounts aren’t helping.

The nonpartisan Senior Citizens League received more than 200 emails recently “with many retired and disabled senders describing the dire situations they face as rapidly rising inflation makes it impossible to pay the bills,” the group said in a statement.

“This is a tough time to be on a fixed income,” said Lisa A.K. Kirchenbauer, a Certified Financial Planner and founder of Omega Wealth Management in Arlington, Va.

But Kirchenbauer and two other financial advisers I interviewed have a few useful ideas for low- and moderate-income retirees during this time of spiking inflation. I’ll share them below, along with some tips of my own.

The…

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