Inflation may run high or low, but it’s pretty much always around — and it’s particularly concerning if you’re a retiree. How can you help protect yourself from the rising cost of living?
Start by looking at your investment portfolio. Even if you’ve adjusted it to a more conservative approach when you retired, you’ll still need some investments that offer growth potential, keeping in mind that stocks and stock-based instruments carry market risk.
Here’s another idea: Delay taking Social Security, if you can afford it. You can start collecting at 62, but your checks will be much larger if you wait until your full retirement age, between 66 and 67.
Also, you might consider doing some part-time work or consulting.
One final suggestion: Don’t overload your accounts with cash. It’s good to have about a year’s worth of cash or cash equivalents in an emergency fund, but beyond that, too much cash leaves you vulnerable to loss of purchasing power when the money could be used for growth opportunities.
When you’re retired, inflation is a constant issue — so make the right moves to defend against it.
Jacob Anderson / Financial Advisor / 28200 HWY 189 Suite 03-160 / Lake Arrowhead, CA 92352 PH: (909) 337-8188. This content was provided by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC.
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