Retirees who depend on fixed income are among those who will be affected most by the soaring inflationary costs. Experts say there are various ways for retirees to consider surviving the ongoing 40-year high inflation.
The consumer price index (CPI) surged 1.2 percent in March, the biggest monthly increase since September 2005, the Labor Department said on April 12.
In the 12 months through March, the CPI accelerated by 8.5 percent, the largest year-on-year gain since December 1981, followed a 7.9 percent jump in February.
Experts say the retirees should cut their spending and invest more cautiously with coming rate hikes in mind.
Cutting Spending to Match Inflation
“The first step is to review your budget and try to cut your spending by at least 10 percent to compensate for inflation,” Andrew Latham, a certified personal finance counselor and director of content at Super Money, told The Epoch Times.
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