Annual inflation grew by 8.3% in August, but retirees won’t feel the sting of most higher costs, experts say.
Despite falling gas prices, inflation was higher than expected in August, curbing optimism for lower day-to-day expenses. But some retirees won’t feel the sting of elevated costs, experts say.
Annual inflation rose by 8.3% in August, fueled by growing costs for food, shelter and medical care services, the U.S. Department of Labor reported Tuesday.
Inflation has pushed one-quarter of Americans to delay retirement, a recent survey from BMO Harris Bank found. But spending changes throughout people’s golden years may reduce the impact of some rising costs, according to J.P. Morgan Asset Management’s 2022 Guide to Retirement.
“It’s getting below the headline,” said Katherine Roy, chief retirement strategist at J.P. Morgan, explaining how the basket of goods retirees purchase may shift over time.Older Americans may spend less overall
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