Inflation Taking a Bite Out of Your Retirement Income?
For most people there’s an inverse relationship between inflation and their lifestyle. Simply stated, rising inflation directly [and sometimes dramatically] causes you to lose spending power. Everyday activities cost more – driving, eating, heating your home, etc.
To combat rising costs there are a couple of options – you can try to earn more money, or you can make other choices about how and when you spend your hard-earned income. Some expenses are easier to manage – for example: spending $10 or more, several times a week on fast food vs. the cost of rent and utilities. Other essential expenses, like rent, can be impossible to eliminate or reduce. The bottom line? As far as inflation is concerned, you the consumer, are ultimately footing the bill.