Question: Inflation is making it harder and harder to stretch my monthly retirement benefits to cover expenses. I’ve tried cutting back, but should I now think about how to get additional income?
Answer: Managing finances during retirement can be challenging, but the current increases in the cost of about everything, from gasoline to housing to eggs, is making it especially difficult for many of the 56 million Americans aged 65 and older. Cutting back, or eliminating certain monthly purchases altogether, is the first line of defense against inflation for many retirees.
Michael Bateman is a retiree who previously worked in marketing and corporate communications. The Focus on Finance column is coordinated by Wright Legacy Group.