US Inflation Skyrockets to 40-Year High, Prompts Retirees to Alter Finances

The latest survey with Age Wave and Edward Jones, as covered in The Wall Street Journal, says 29 years is the most ideal retirement length. Today many retirees are concerned that inflation and market volatility are impacting their ability to achieve that timeline.

Downsizing Their Home

The most commonly reported action is retirees are downsizing their homes. With real estate prices up over 15% since last year, many people are deciding this is the time to sell and find something smaller.

Moving to a Low Cost-of-Living Area

Many retirees are choosing to move from their higher-cost homes to lower-cost locations. With over 50% of Americans moving in 2021, the trend seems to be attractive to retirees who are not location dependent for work or schools.

Less Financial Support

Lastly, retirees are cutting back on financial support for their children, non-profits, and churches.

Returning to Work

The survey found that 59% of retirees say their ideal retirement involves some form of working. Whether part-time (22%) or full-time (18%), work is still on the table for many. The current labor shortage may allow employers to utilize retirees in a greater capacity due to the many current job openings.

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