Annual inflation grew by 9.1% in June, but some retirees won’t feel the brunt of many soaring costs, experts say.
While J.P. Morgan suggests using a separate line item for the rising cost of health care, with a 6% growth rate, other spending categories may only inflate by 1.5% to 2% annually, Roy said.
If you pull out health care, retirees tend to spend less in real terms until age 80 on other categories, she said.showing retirement spending decreases in 11 of the 14 core categories found in the U.S. Bureau of Labor Statistics Consumer Expenditure Survey.through June, older households generally spend less on transportation than families ages 35 to 44, making them less vulnerable, the report found.
And some retirees may have the flexibility to buy less gas by combining trips or sharing rides, said certified financial planner Catherine Valega, a wealth consultant at Green Bee Advisory in the greater Boston area. "I don't think we need to panic," said Valega, explaining how price changes may be a chance to revisit budgets and long-term plans.Although the rising cost of health care is a concern, it's not enough to offset the decreases in retirees' spending on housing, food and transportation, said CFP Anthony Watson, founder and president of Thrive Retirement Specialists in Dearborn, Michigan.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Annual Babylon Soldier Ride returns for first time since start of COVID pandemicThe 15th Annual Babylon Soldier Ride kicked off at Babylon Town Hall in Lindenhurst and finished 25 miles away in Overlook Beach.
Read more »
Keke Palmer Co-Hosted Saks’s Annual Summer Soiree in the HamptonsSaks’s CEO Marc Metrick welcomed guests at one of his favorite Long Island haunts, a charming diner specializing in—what else!—lobster rolls.
Read more »
Marc Spector Faces Off Against the Werewolf by Night in This Year's 'Moon Knight Annual'Marc Spector is facing off against the Werewolf by Night in this year's 'Moon Knight Annual.'
Read more »
Annual print fair Paper Trail San Antonio returns to the Rock Box on Sunday, July 17The free, daylong event will showcase over 40 artists selling prints, zines, stickers and more. SanAntonio SATX SanAntonioTX SanAntonioArts ThingsToDoInSanAntonio
Read more »
Guide Dogs for the Blind celebrates dogs and volunteers at annual California Fun DayHundreds of puppies-in-training and volunteer puppy raisers were celebrated on Saturday at the annual Guide Dogs for the Blind California Fun Day in San Rafael.
Read more »