On this episode of Better Money Atlanta, Joel Johnson, CFP® discusses the rise of the inflation rate and what that might mean for retirees. Learn more about:
Comparable to a hidden tax, high inflation rates leave us with less money to spend overall. This affects people in retirement specifically, as most are living on a fixed income. If retirees can’t keep up with the rising inflation, they may be forced to dip into their savings.
It’s also important to note that money loses purchasing power during periods of high inflation rates, meaning the value of one dollar decreases and people pay more to buy the same goods that they previously bought for less. For instance, paying $1.08 this year for a product that they paid $1.00 for last year.
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