Rising prices may not dominate headlines the way they did a year or two ago, but if you’re retired, you’re probably still feeling them. Even when overall inflation cools, the costliest expenses — like health care, utilities, insurance and property taxes — tend to rise faster than broad inflation numbers suggest. That creates a squeeze that can make you question whether your income plan is built to last.
Fortunately, you often can adjust without drastic cuts that affect your lifestyle. Start by understanding where the pressure comes from and how to build more flexibility into your plan.
Inflation hits retirees differently. You’ve likely noticed your grocery bill, prescription drug costs and heating expenses haven’t returned to “normal.” Even small increases compound over time and can chip away at your buying power.
