Inflation and Retirement: What you need to know if you’re planning a retirement now

CEDAR RAPIDS, Iowa (KCRG) - Rising inflation is continuing to impact things from the price of gas to the price of groceries. People looking at retiring have also been hit hard by this economic moment, causing some to even reconsider when they should retire.

Matt Hylland, a financial planner at Arnold and Mote Wealth Management, said there’s a few things tell retirees to protect themselves from higher inflation prices.

”One, delaying social security is a really good way to protect yourself from inflation. Social Security is one of the few fixed incomes sources in retirement that adjust every year to inflation,” said Hylland.

Other tips include considering I bonds. These are saving bonds anyone can buy from the government, its interest rates adjust every six months with inflation... which makes them attractive lately.

Russel Porter has been talking about his family’s retirement fund for about two years. With the inflation we’re seeing now, he said one of two things could happen for him when it comes to retirement.

”Your dollar doesn’t go as far. And I think everybody’s finding that out. It’s either going to be going with less or working longer if my health will hold up to doing that,” said Porter.

Hylland said those whose whole retirement plan is tied up in one place, Iowa Public Employees’ Retirement System, can be more vulnerable to rising inflation.

”So, for those in particular, having other investments, having some money on the side that can perform well in inflation is really important,” said Hylland.

And for Porter...

”As far as what our future is, it’s still.... It’s a tough situation. Being self employed is not an easy.. Everybody thinks that being your own boss is a big thing, but it’s got its drawbacks as well. And planning like that is difficult,” said Porter.

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