money

Is Inflation Eroding Your Retirement?

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Is Inflation Eroding Your Retirement?
Despite your best efforts, inflation gnaws away at retirement benefits like chronic, incurable sickness and eroding retirement benefits that often fail to keep pace with the growing cost of living. Inflation’s impact on a family’s savings is taboo for many households since it presents the dreadful possibility of outliving their resources. This year, no American, whatever age, can ignore it. Currently, the U.S. inflation rate is at its highest level in approximately three decades.

How to Cope with Rising Inflation During Your Retirement

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In times of rising prices, living on a fixed income can still be difficult, even with increased Social Security benefits. There is also concern about the future, as inflation rates are unsure whether or not they will continue to rise. In situations like this, you may be looking for ways to cope and survive.

Mental Health Plays an Important Role in Retirement

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In retirement, the cultural norm is that you are living a good life. Psychologists and others have found that working and volunteering during retirement can reduce depression, dementia, and hypertension. Other evidence suggests that these activities aren’t the key to everyone’s well-being. To find out what makes people happy, people should spend as much time planning their social or psychological portfolios before retirement.

Pension vs. Lump Sum Payout 

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Many retirees face similar dilemmas with the pension or lump-sum decision driven by corporations trying to reduce debt. Is it better to let your old employer manage your pension money or to let you handle it? The choice you make is a potentially life-changing decision. In addition, it is often made in haste since employees often don’t have much time to decide, and many do not have access to objective financial advice. These decisions are typically irrevocable.

Are You Being Scammed?

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It is no secret that scammers are clever and ruthless and will do anything to obtain your personal information. Identifying and recognizing that your data has been hacked at least once can help prevent you from becoming a victim of a scam. By repeating personal information they obtained, crooks establish authenticity and authority with their targets.