One of the most common fears among Baby Boomers these days is thinking they may run out of money before they run out of life. The post-COVID inflation spike only made those fears worse.
We have some news that may calm your fears. Economists feel that the worst of the inflation is behind us. As prices for groceries and housing shot up, there is now no pressure on them to go higher. In fact, several large chains such as Wal-Mart and Target have announced that they are looking to roll back prices on some grocery items (an indirect admission that price hikes may have been spurred more by corporate greed than the usual supply/demand issues).
Plus, Social Security cost of living adjustments will keep those benefits rising year-to-year.
Experts also suggest that you look to invest a portion of your retirement savings in the stock market, which is doing extremely well. Other financial instruments like certificates of deposit, which can tie up your funds for a shorter term, are also paying a better rate of return thanks to higher interest rates,
Now would be a good time to discuss new strategies with your financial advisor. If you don’t have a financial advisor, now would also be a good time to get one.