WHEELING, W.Va. (WTRF) — Retirees are typically on a fixed income.
And with that being said, they are also most likely to be affected during a time of inflation.
Financial advisor Jason Haswell says retirees are typically older and may have expenses like prescriptions and extra medical care that they wouldn’t have if they were younger.
Those expenses plus necessities like food and gas can add up quickly.
Haswell says retirees should sit down and go through their budget to get a good idea of what they’re spending each month.
It causes people who are retired a lot of worry because if this does continue for a prolonged period of time how are they going to adjust those incomes and do they maybe even have to go back to work part-time or work a couple of days a week doing something if they’re not already?Jason Haswell, Financial Expert
Haswell says retirees often times only have their social security and typically some type of savings or a retirement account to depend on financially.
He says retirees may need to up their 401K distribution a little bit to cover some of their expenses, but according to Haswell, they should stay in an area where their 401K can still continue to grow.