Will Inflation Impact Your Savings? Why Some Seniors Worry Inflation Will “Wreak Havoc”

inflation and savings
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Recent news about inflation has made it clear—it’s crept into nearly every aspect of our lives, from the cost of groceries to the price of housing. Seniors are even receiving a nearly 6% increase in their Social Security benefits next year as a result. One place that seniors could see the impact of inflation? Inflation could cause their hard-earned savings to lose buying power.

According to CNBC, 71% of retirement-age seniors have concerns about inflation’s effect on their savings. A dip in the stock market as a result of the coronavirus could cause their savings to drop, but in addition, inflation could cause these funds to cover less than they could have before.

Talking to a financial advisor is a good idea for retirees who are concerned about their savings. They can give advice on how to stretch these funds farther and how to continue investing even in retirement.

Learn more about how The Seniors Center is working to protect Social Security. We’re committed to helping seniors receive all that they’ve earned. And connect with us on Twitter and Facebook for more news and updates.