Prices just seem to keep going up. From milk to bread to gasoline, sticker shock is the new normal.
This is the highest inflation has been since the 1980s. As a 29-year-old, I’ve never experienced inflation like this.
But I’m curious — are there any retirees here concerned about inflation? Worried about their retirement savings not stretching far enough?
I’m working on an article about inflation’s impact on retirees or soon-to-be retirees.
I’d love to hear your thoughts and experiences. ?
I’ve been retired for 3 years and yes I am concerned about what inflation is doing to my retirement savings. My most recent grocery shopping adventure was frustrating because my usual lower priced items were missing. I guess this this is due to more people becoming more price conscious or supply chain issues.
I am concerned about inflation. So far, we have been doing okay but who knows what the future holds. We try to be frugal but it’s hard when prices of everything keep climbing. Being retired at least means no commuting costs and we usually keep shopping trips to a minimum and look for the best deals available.
i am not retired and i find thigs going up in prices and it scares me, and i am afraid to retire
I’m not retired yet, but I do think about this a lot. My parents are fully retired and have been noticing the squeeze as well. I think we all need to be alert and aware of the true value of things. You still can get quality things for less, you just have to keep your eyes open.
Example - two weeks ago, my grocery store offered thick pork chops for .99 a pound. I picked up 16 chops (4 packs for about $13 total)! I cooked one pack in the crock pot and put the rest in the freezer.
We are on food stamps and I have a review on March the first, nothing has changed here but we worry that we won’t keep the because of the way things are. My husband can not go to see his sister and I can not see my 85 year old mother! What else will happen?
soldiers momma
We are struggling and are afraid to do anything!
I’m finding what I would have paid maybe $50 in groceries before, is now $75+. It’s crazy. I’m retired with a pension but I also work two part time jobs and a third one from April through October. It costs $80 to fill up my SUV!
Yes, I’m having to tighten up some and watch the budget. I’m retired but I still do some work so that helps.
Extremely concerned.
Sticker shock is an everyday thing for me right now. I am retired but work part-time to help supplement my income. I have recently started shopping at Goodwill in hopes of finding items of need at a lower cost. Sadly, that isn’t even an option now because I have found that Goodwill’s pricing is just as high as retail on most of their items & sometimes even higher! I am burning through my savings at a much faster rate than I had planned for & I am most definitely scared for the future of my retirement budget. I will run out of money long before I had planned to at this rate. I don’t ever want to be a burden to my children, but with the price of gas over $4 per gallon & the price of groceries skyrocketing, I am afraid I will be forced back into the full-time work force, so I can stay independent for as long as possible.
I retired at age 62. In poor health and unable to get a well paying job. The hardest hit to my funds is the startling cost of food. I am running through my food budget drastically. I now pay over $300 monthly. My rent just went up $52 per month and additional $4 for cable. My heat costs $140 per month all electric. Because of my illnesses I must maintain it at 70 degrees. Gas is $5.00 a gallon so must control my driving.
If anyone needs help with paying for essentials - please contact your utility company. Many offer programs and help for those in need to cover the extra costs.
I am not a retiree, but inflation, supply chain issues, and the Russian War against Ukraine affect my wallet.
A side note to all reading PH, Biden has sanctions on Russia, U.S. companies leaving Russia, Other countries/companies pulling out/sanctioning Russia, Boycotts of businesses still doing business in Russia, ie Coca Cola. etc. But we the U.S.A. still are buying and importing One Million Barrels of Russian oil per day, WHY are we the United States of America, still supporting Russia by buying their oil on a daily basis ? I’ll bet other countries are buying Russian oil too.
These are my reasons gas prices are going up and other things needed in life are going up too. We need an Oil Embargo against Russian oil, just like in the 1970s against Saudi Arabian oil.
P.S. I am a U.S. Government employee.
I can remember the oil Embargos as well! I graduated from high school in May of 1975. Everybody went to smaller cars until the government squealed that they (we the US) had a surplus of oil, then came out the gas hogs that would pass everything except the gas station. I think that it is time to do an Embargo against Russia and anybody supporting Russia. I believe that we have enough oil in our own soil to keep us steady as we go along and if we have enough to sell to others so be it but OPEC and Russia need to let the Ukrain govern it’s own self! We don’t need another Hitler!
Is that a trick question?
Who can afford to retire?
I see 90 year olds packing groceries at Publix and feel bad when they ask me if I need help loading them in my car when they can barely stand up.
The fantasy of retirement has long passed for most people.
Elderly people bought houses when they were $10,000, paid them off and now have to pay $10,000 a year to keep it. In took them 30 years to pay off the $10,000, how could they have saved enough money to match inflation?
One of us is still working, he hopes to continue until he’s 70. Yes we’re concerned, so we seek to be careful with what we spend, save what we can, and plow through. I’m always learning new things to put in place to help with our finances. Youtube videos are great!
I’m very sorry. You may have thought of these things already. Could you put heavier drapes on the windows or stick bubble wrap on the panes? That helps some with heat loss. Would you consider a Roku box instead of cable? Food is difficult. Do you have a balcony to grow anything on? Even spinach or swiss chard would help. They can be grown in containers, blanched and frozen and are nutritionally dense. Cherry tomatoes also like containers. Do you know another person you could run errands with, then split the gas costs? I wish I could help you.
My parents are retired and I am concerned for them, particularly during the winter. It’s the cost of heating oil that has been tough. When I go to visit, it is 62 in the house- in mine too, but I am not 80! They will not take my help, so it’s not like they don’t have options if they need it, but we will all rest easier when spring comes.
