As inflation rises, many Americans are changing their life goals, such as long-awaited retirement. And it is that about 13% of Generation X and Baby Boomers say they postponed or considered delaying their plans to stop working due to rising costs.
That’s according to a survey by the Nationwide Retirement Institute, which shows an intergenerational wave of people in the United States who are canceling or postponing important events due to rising prices.
Annual inflation soared to 7.9% in February, a new high in 40 years, according to the US Department of Labor, accounting for the cost of food, gas, housing and more.
Nearly all consumers worry about inflation, the Nationwide survey found, with most expecting a continued rise in the cost of living over the next 12 months .
Someone nearing retirement or already living on a fixed income may be particularly vulnerable. likely to inflation, said Zachary Bachner, a certified financial planner at Summit Financial Consulting.
“When prices go up, you’re usually forced to reevaluate your budget and find ways to reduce expenses,” Bachner added, according to CNBC.
Stock market downturns can create more problems for some retirees, depending on the investments they have in their portfolio.
And it is that the recent falls in the prices of stocks and bonds can affect the investments of retirees.
It should be noted that retirees can avoid some of these rising costs. For example, the increase in the cost of gasoline might not affect them as much, since they drive less.
In addition, retirees generally spend less in other categories, such as food, gasoline and housing.
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