Locked In: How Inflation Impacts Those on Fixed Incomes

Retirees living on a pension and others who rely on a set amount of income every month will likely feel inflation—fast. “Those living on fixed incomes may see their purchasing power decrease during periods of high inflation,” Janet Alvarez, executive editor of Wise Bread, told The Epoch Times. A budget that worked well in the past might be stretched as prices rise across the categories of expenses, including gas, rent, and groceries. “Taking on new debt, such as a mortgage, may be more onerous,” Alvarez said. If you and your family depend on a fixed income, there are several strategies to consider that may help lighten the impact of inflation. Following are ways to maintain your current lifestyle and carry on, even as prices continue to rise. Evaluate What You Have and Need Take an evening or weekend to decipher your current financial situation. Look at what you have in …

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