CHARLOTTESVILLE, Va. (WVIR) — Many retirees are cutting spending to ensure their savings last a lifetime, but that’s getting tricky as inflation drives prices up. A Charlottesville financial planner says we haven’t seen a dramatic rise in inflation like we’ve seen since the 1970s.
“Inflation is a bit higher than what we would normally have expected,” said retiree Bob Buhrman.
From higher grocery store prices to pump sales, Buhrman says he’s collapsing: “I think we tried to be as frugal as possible,” he said.
Emerging financial services financial adviser Alexander Urpi says inflation has had a daily impact on his clients.
“We’ve seen some clients now seriously considering, ‘Should I delay retirement for a year or two?’ I approach this number. I thought 66 was going to be a great year to retire. Maybe I want to go to 67, 68 just to give myself that extra cushion, due to the impact inflation can have on your assets,” Urpi said.
Overcoming that inflation, Urpi says, comes down to your spending.
“Anywhere I can scale back a bit and I know that’s a tough question, but sometimes when you’re dealing with these kinds of inflationary environments there’s not much else you can do with work,” Urpi said.
Staying proactive and making a plan, Urpi says, can help in the long run.
“Don’t get nervous, panic or feel like you have to rush out and buy a bunch of stuff today because inflation is coming tomorrow,” Urpi said. “If you have a good plan and a good team around you that you trust, I think that will go a long way in handling the situation.
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