In January inflation rose 7.5 percent, which was a 40-year high – fueled by strong consumer demand combined with pandemic induced supply shortages. Prices rose in several key categories, including food, cars, electricity and housing.
Inflation at any level is bad news for seniors and retirees, many of whom are living on fixed income. Social Security increased 5.9 percent for 2022, but that does not keep pace with inflation.
Inflation Concerns Rising
“We’re not necessarily getting frantic calls, but it definitely is an area of concern,” says Robert Gilliland, managing director and senior wealth advisor at Concenture Wealth Management in Houston, Texas. “The headlines don’t really help. Every time they (clients) are filling a car up with gas or go to the grocery store, or pretty much anything, they see costs have gone up.”
Housing and Inflation
Gilliland says a recently retired client wanted to build a house in Galveston. Eighteen months ago, the price was $300 a square foot, which is high for Texas, he says. When he went back recently to the same builder and the same home, the price had skyrocketed to $600 a square foot.
Dealing with Inflation
If you are a retiree, here are four tips to help you deal with inflation.
- Review your financial plan and budget
When you did your monthly budget with income and expenses, you likely did not factor in near double-digit inflation. You need to go back and re-do those numbers.
Gilliland says you really should evaluate your retirement cash and income. If you receive Social Security and don’t have a pension, you need to make sure you have enough cash. “Because the headline risk with inflation is that it is going to create volatility in the market and that will probably make it more difficult just to live off interest,” he says. “You will need create cash to supplement that that income.”
He continues, “We tell them that we want to make sure that they are prepared. Make sure you have plenty of cash to meet the increase in cost-of-living. But it all has to start with looking at their plan to make sure that they can afford higher costs.”
Brian Robinson, partner and financial advisor at SharpePoint in Phoenix, Arizona, says it’s a good time to talk to financial advisors and update your plan. “Say, ‘Hey, I know we did this plan, five years ago or two years ago. Things are different now. Can we redo?’
“So, you know, for the past 50 years inflation was running around 2.5 percent. And the last 25 yeas it was 1.85 percent. So now we’re near five times that. Revisit the plan and write in inflation at a higher number. Talk with your advisor to figure what is a comfortable number.”
- Evaluate your debt.
Gilliland says if you have anything with an adjustable rate, such as a credit card, consider paying it of or see if you can change it to a fixed rate. “In the case of a mortgage, it might make sense to get them paid down a little or refinance. Accelerate your payments so that they get paid down and paid off.”
“…you should thoroughly review your holdings if you are living on a fixed income or need your income to be more predictable.”
- Review your investments and holdings
Robinson says you should thoroughly review your holdings if you are living on a fixed income or need your income to be more predictable.
“We need to be in areas that are taking advantage of, or are sensitive to, rates moving up and inflation, because we got both,” he says. “The Fed has gone from zero rate hikes to a couple to maybe seven this year, so it’s going pretty fast.”
He has been moving clients to energy, financials and higher dividend investments, he says. “Natural gas prices were up 100%, basically, since the lows last year at this time. We have gas, the same thing. In some places prices are up 100%. You’re not going to keep up with it with the old style of just having bonds and a lot of cash. “
- Don’t overreact
“We’re also holding hands and making sure that we’re not making rash decisions,” Gilliland says. “It’s probably unlikely that we’re going to go through 18, or 24 or 36 months of inflation and in double digits.”
Rodney A. Brooks is the former deputy managing editor/Money at USA TODAY. His retirement columns appear in U.S. News & World Report and Senior Planet.com. He has written for National Geographic, The Washington Post and USA TODAY. The author of “Fixing the Racial Wealth Gap,” Brooks has testified before the U.S. Senate Special Committee on Aging. His website is www.rodneyabrooks.com.
Stay on top of your finances with Senior Planet from AARP. Join us for live lectures on finance, money management, budgeting tips, and more by checking here. Questions? Call our dedicated help hotline: 888-713-3495.
Your use of any financial advice is at your sole discretion and risk. Seniorplanet.org and Older Adults Technology Services makes no claim or promise of any result or success.
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Good Morning, Senior Planet!
Good Morning, Senior Planet!
Start your week off right with a preview of the week's upcoming programs and a guided meditation session!
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Morning Stretch
Start your day with a short morning stretch!
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Functional Strength Training
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Fit Fusion Workout
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Introduction to Heart Rate Monitor Apps
Introduction to Heart Rate Monitor Apps
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Fit Fusion Workout
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Learn what Podcasts are and where to find them!
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Good Morning, Senior Planet!
Good Morning, Senior Planet!
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Morning Stretch
Morning Stretch
Start your day with a short morning stretch!
Functional Strength Training
Functional Strength Training
Use bodyweight, bands, and dumbbells to build your strength.
Mindfulness Apps
Mindfulness Apps
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Fit Fusion Workout
Fit Fusion Workout
Get your heart pumping during this fun, high-energy workout!
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Morning Stretch
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Online Rx Drug Resources
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Learn helpful tools for understanding drug costs, comparing pharmacy prices, and finding discounts and coupons.
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Chair Yoga
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Morning Stretch
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Intro to Smartphone Photography
Intro to Smartphone Photography
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Messaging Apps
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Intro to Selling Online
Intro to Selling Online
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Chair Yoga
Chair Yoga
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Morning Stretch
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Introduction to Nextdoor
Introduction to Nextdoor
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Usos cotidianos de la IA
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Taijiquan (Tai Chi)
Taijiquan (Tai Chi)
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Podcasts at a Glance
Podcasts at a Glance
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YouTube
YouTube
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Internet of Things: Entertainment
Internet of Things: Entertainment
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Good Morning, Senior Planet!
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Morning Stretch
Morning Stretch
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Functional Strength Training
Functional Strength Training
Use bodyweight, bands, and dumbbells to build your strength.
Internet of Things at a Glance
Internet of Things at a Glance
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Fit Fusion Workout
Fit Fusion Workout
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Stronger Bones
Stronger Bones
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Morning Stretch
Morning Stretch
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Internet of Things: Healthcare
Internet of Things: Healthcare
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Virtual Reality at a Glance
Virtual Reality at a Glance
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Fit Fusion Workout
Fit Fusion Workout
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YouTube
YouTube
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Introduction to TikTok
Introduction to TikTok
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Graphic Design Tools
Graphic Design Tools
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Intro to X (formerly Twitter)
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Morning Stretch
Morning Stretch
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Intro to Gaming
Intro to Gaming
Game on! Come discover the world of gaming and start playing!
Generadores de imágenes de IA
Generadores de imágenes de IA
¡Consiga hacer algo más que figuras de palitos y haga que su imaginación cobre vida con generadores de imágenes de IA!
Taijiquan (Tai Chi)
Taijiquan (Tai Chi)
Relax your mind and strengthen your body with this gentle exercise class.
Digital Legacy at a Glance
Digital Legacy at a Glance
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Smartphones at a Glance
Smartphones at a Glance
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Streaming & Smart TVs
Streaming & Smart TVs
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IoT: Smart Homes
IoT: Smart Homes
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Stronger Bones
Stronger Bones
Activate the joints and muscles and increase mental focus during this exercise class.
Morning Stretch
Morning Stretch
Start your day with a short morning stretch!
Smartphone Camera Uses Beyond Photography
Smartphone Camera Uses Beyond Photography
Come learn about QR codes, augmented reality apps, and more!
How to Choose a New Computer
How to Choose a New Computer
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Everyday Uses of AI
Everyday Uses of AI
Everyone is talking about AI! Come to this class to see how AI is part of everyday life.
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Morning Stretch
Morning Stretch
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Virtual Tour: Lima, Peru
Virtual Tour: Lima, Peru
Join Senior Planet and our tour guides from Discover Live for a virtual visit to Lima, Peru!
訊息應用程式
訊息應用程式
這次的講座會談到三款普遍的應用程式:iMessages、 Google Chat 和 微信 WeChat。您會學到如何傳送訊息、圖片、使用音訊和視訊通話, 以及瞭解這些應用程式如何確保您的訊息安全。
Fit Fusion Workout
Fit Fusion Workout
Get your heart pumping during this fun, high-energy workout!
Introduction to Learning Apps – Languages & The Arts
Introduction to Learning Apps – Languages & The Arts
This presentation will introduce you to apps that help you learn different languages, explore the arts and art history, and even show you how to play instruments.
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Balance/Strength
Balance/Strength
Activate the joints and muscles to become limber and increase balance during this exercise class.
Morning Stretch
Morning Stretch
Start your day with a short morning stretch!
Digital Tools to Boost your Business
Digital Tools to Boost your Business
Learn about online tools to jump-start your start-up.
Chair Yoga
Chair Yoga
Follow various cues to develop body alignment and breath awareness.
Saving Money with Tech
Saving Money with Tech
Explore ways that tech can help you save money and manage your finances!
11 events,
31
Morning Stretch
Morning Stretch
Start your day with a short morning stretch!
Gardening Tech At a Glance
Gardening Tech At a Glance
Can tech give you a green thumb? Come to this lecture to find out!
¿Es eso IA?
¿Es eso IA?
¿Podemos realmente creer lo que vemos? ¡Venga a esta clase para acostumbrarse a reconocer la IA!
Taijiquan (Tai Chi)
Taijiquan (Tai Chi)
Relax your mind and strengthen your body with this gentle exercise class.
Understanding Bluetooth
Understanding Bluetooth
We’ll explain Bluetooth technology, how it works, and the way it impacts everyday life.
3 events,
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Virtual Reality at a Glance
Virtual Reality at a Glance
Join us to learn about the exciting world of virtual reality and how you can experience it!
Intro to Gaming
Intro to Gaming
Game on! Come discover the world of gaming and start playing!
Virtual Museum Tours
Virtual Museum Tours
In this lecture we'll explore some of these virtual galleries, as well as digital tools that help bring art, architecture, and history to life!
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MyChart
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Smartphones at a Glance
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Virtual Tour: Belfast, Ireland
Fit Fusion Workout
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YouTube
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Introducción a la IA
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Introduction to Heart Rate Monitor Apps
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Fit Fusion Workout
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Introduction to Heart Rate Monitor Apps
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Introduction to Estate Planning Resources & Tools
Fit Fusion Workout
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Anti-Virus & Malware Removal Programs At a Glance
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Morning Stretch
Podcasts at a Glance
Introduction to Booking Vacation Stays Online
Streaming & Smart TVs
Morning Stretch
IoT: Smart Homes
Introducción a chatear con IA
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Tech Tips for Disaster Preparedness
Good Morning, Senior Planet!
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Mindfulness Apps
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Stronger Bones
Morning Stretch
Online Rx Drug Resources
Drones
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Virtual Museum Tours
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Cancelled – Fit Fusion Workout
Intro to Smartphone Photography
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Messaging Apps
Intro to Selling Online
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Morning Stretch
Introduction to Nextdoor
Usos cotidianos de la IA
Taijiquan (Tai Chi)
All Things Zoom
Podcasts at a Glance
YouTube
Internet of Things: Entertainment
Good Morning, Senior Planet!
Morning Stretch
Functional Strength Training
Internet of Things at a Glance
Fit Fusion Workout
Good Morning, Senior Planet!
Morning Stretch
Functional Strength Training
Internet of Things at a Glance
Fit Fusion Workout
Stronger Bones
Morning Stretch
Internet of Things: Healthcare
Virtual Reality at a Glance
Chair Yoga
Morning Stretch
Video Chat
Fit Fusion Workout
YouTube
Social Media for Job Searches
Balance/Strength
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Introduction to TikTok
Graphic Design Tools
Intro to X (formerly Twitter)
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Intro to Gaming
Generadores de imágenes de IA
Taijiquan (Tai Chi)
Digital Legacy at a Glance
Smartphones at a Glance
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Virtual Tour: Lima, Peru
訊息應用程式
Fit Fusion Workout
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Balance/Strength
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Chair Yoga
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¿Es eso IA?
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Understanding Bluetooth
Virtual Reality at a Glance
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