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Retirees may also consider Treasury inflation-protected securities, or TIPS, which are issued and backed by the U.S. The Federal Reserve, which raised interest rates last month, is anticipating six more hikes this year. While bonds are considered a “safe” asset compared with stocks, there is also risk involved, because when interest rates go up, the price of a bond can go down, Cheng explained.
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“ have more flexibility in the sense that if fuel prices are going up or airline prices are rising, they can choose not to go on vacation this year,” said CFP Michael Finke, professor of wealth management at The American College of Financial Services.Īlso have a mix of different bonds. Since personal spending changes in retirement, it reduces the impact of some rising costs, according to J.P. On the other hand, there are areas where retirees may not be as badly hit as the general population. “These three challenges are all colliding,” she added.
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“What makes this challenging is we are dealing with inflation, we are dealing with low interest rates and we are dealing with stock market volatility,” said certified financial planner Marguerita Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.
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Here’s how to vacation and save money amid rising inflationĭeepak Chopra: Here’s how to be mindful with your money The ultimate retirement planning guide for 2022 That includes food, which is up 1% from last month and 8.8% from a year ago, and gasoline, which rose 18.3% from February and 48% from last March. Americans are spending hundreds of dollars more every month due to inflation.įor those in their golden years, it could mean trying to stretch an already tight retirement income.Ĭonsumer prices jumped 8.5% in March from a year ago, according to the U.S.