Is Inflation Costing You More as a Retiree? | Kiplinger

Inflation hurts everybody. It appears to achieve each sector, product and enterprise in a method or one other, whether or not it raises the price of heating your own home, lunches or street journeys. But for those who’re a retiree, you could be significantly apprehensive about inflation as a result of your spending habits and revenue sources could be disproportionately uncovered to inflation. This implies that adjustments to the greenback’s buying energy could have a substantial affect in your means to cowl prices of residing and preserve your high quality of life.

1. Why Inflation Can Hurt Retirees Disproportionately

Inflation impacts individuals in a different way, and there are a lot of who could not really feel the consequences of inflation as a lot as others. But retirees are inclined to spend bigger parts of their revenue on gadgets extremely affected by inflation. You could spend a big a part of your revenue on housing, meals, gasoline and well being care, all of that are seeing the total impact of inflation. In addition, inflation hurts those that reside off their financial savings and have restricted market publicity that would in any other case present increased yields. Retirees are more likely to be depending on their financial savings than a working particular person, who could obtain price of residing will increase to their wage or constant raises.

As a retiree, when markets are unstable and inflation is at your door, the duty of constructing your cash final for the remainder of your life can appear daunting. In that respect, inflation is the silent killer of retirement planning. To put it in perspective, there’s a generally used calculation that’s used to find out how inflation could have an effect on your cash.  The rule of 72 is an easy calculation used to evaluate the consequences of inflation on a person’s belongings over time – it goes like this: Divide 72 by the inflation fee, and the result’s what number of years of that inflation fee it could take for the worth of your cash to halve.

 The current rise of inflation leaves many retirees with troublesome selections on find out how to defend their retirement financial savings whereas overlaying their prices of residing. For instance, for those who’re uncovered to markets, you’ve seen your portfolio fluctuate in worth and should endure what’s often called “sequence of returns risk,” the place you’ve basically bought your holdings at market lows, leaving much less for an eventual bounce-back. On the opposite hand, for those who’ve performed it protected and held your financial savings in financial institution accounts yielding little to no curiosity, you’re taking a look at excessive charges of abrasion from inflation.

2. The Cost of Inflation

Retirees’ sources of revenue are typically weak to giant inflation spikes. Employees can a minimum of make the case for inflation-based raises, however retirees don’t have that choice. If you’re a retiree, most of your revenue is probably going both tied to markets or is in fastened revenue, two sources which are extremely affected by inflation.

Pensions are a mainstay of retirement revenue for a lot of. But this supply of revenue is struggling to match tempo with inflation. Most personal pensions don’t provide price of residing changes, or COLAs, which implies that for those who’re a retiree counting on pension revenue, you’ll obtain the identical funds no matter their diminishing worth.

While Social Security does provide COLAs, the final enhance was 5.9%, which falls in need of the 8% to 9% enhance in costs we’ve seen over the previous 12 months, according to the CPI. Because of this, retirees counting on Social Security may see inadequate revenue for the remainder of 2022.

Retirees usually flip to their financial savings to get them via retirement. But when inflation happens, the buying energy of your financial savings diminishes, leaving you to withdraw bigger quantities of financial savings to cowl your prices of residing, successfully shrinking the lifespan of your retirement financial savings. Similarly, many retirees additionally make the most of certificates of deposits (CDs), which lock up their funds for a hard and fast period of time in trade for curiosity funds. Many flip to CDs as a protected, market-neutral funding, however some CD preparations can final a few years, tying up funds you could must get you thru this inflationary interval and providing fastened charges that don’t match inflation. Plus, withdrawing these funds prematurely can go away you paying hefty penalty charges.

But alternatively, inflationary intervals can typically coincide with market volatility and downturns.  The S&P 500 noticed roughly a 20% decline from Jan. 3, 2022, to July 1, 2022.  If you had been counting on IRA distributions inside that interval, they could have left you taking bigger distributions when markets had been at relative lows, which means you withdrew a bigger share of your portfolio. This phenomenon, often called sequence of returns threat, leaves much less of your principal quantity to learn from an eventual market rebound, finally shortening the lifespan of your IRA.

Ensuring that your revenue retains tempo with inflation is a should. But it’s additionally vital to think about whether or not inflation will imply paying extra in taxes. If you’ve opted for inflation-protected securities that yield you increased revenue, extra revenue means extra taxes, and in some instances, a better tax bracket. Unfortunately, tax brackets don’t alter in actual time, so there could also be a interval during which your revenue is taxed at increased charges, regardless of it overlaying much less of your bills. Paying extra in taxes might be one other hidden price of inflation.

3. Inflation Hedges to Protect Yourself

As talked about, inflation-protected securities is usually a method to preserve your revenue on tempo with inflation. Treasury Inflation-Protected Securities, generally often called TIPS, provide an curiosity distribution fee that retains tempo with the CPI inflation charges. This funding automobile has helped retirees mitigate inflation and preserve their high quality of life via retirement with out worrying about outliving their financial savings.

However, inflation-protected bonds aren’t for everybody. If you search wealth preservation versus elevated revenue, there are different asset methods that may obtain these objectives with out revenue taxes. Consider together with in your portfolio sure shares and sectors associated to treasured metals, mining, commodities and commodity manufacturing, equivalent to meals, oil and gasoline. Holding your belongings in these sectors has traditionally offered wealth safety with out elevated taxable revenue via inflationary intervals.

Annuities, an insurance coverage product for retirement financial savings, are another choice that may give you inflation safety with out sacrificing market publicity or sequence of returns threat. Annuities are sometimes customizable based mostly on what your private dangers are in addition to what you’re involved about out there.

The Bottom Line

Retirees and their financial savings face a troublesome street forward as a consequence of inflation. Income sources for retirees are largely inflation-exposed, and their spending habits are typically on services impacted by inflation. But there are many methods on the market that may preserve your retirement on monitor, whether or not you’re trying to defend your wealth from the erosion of inflation or enhance your revenue to maintain tempo with it.

 Investing in inflation-protected securities, asset sectors which are traditionally inflation-resistant and monetary insurance coverage merchandise, equivalent to annuities, are all potential methods that would enable you climate the storm of inflation.

Founder & CEO, Barnett Financial and Tax

Rick Barnett is president and founding father of Barnett Financial & Tax, a one-stop monetary hub for purchasers in Michigan and past. He hosts the “Barnett Financial Hour” radio present and sometimes serves as a supply on native TV information stations. His skilled designations embody Certified Estate Planning Professional (CEPP), Masters of Estate Preservation (MEP) and Christian Financial Consultant and Advisor (CFCA).

The appearances in Kiplinger had been obtained via a PR program. The columnist acquired help from a public relations agency in getting ready this piece for submission to Kiplinger.com. Kiplinger was not compensated in any manner.

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You can take advantage of it with a government savings bond.”,”url”:”https://www.kiplinger.com/personal-finance/banking/savings/savings-bonds/603848/fight-inflation-with-series-i-bonds”,”contentType”:”ARTICLE”,”teaserLabel”:”Investing for Income”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–rBuXiCK3–/v1641099404/series_1_bond.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-14T04:47:44-04:00″,”isSponsored”:false,”sponsor”:null,”WhitepaperResource:602288″:”id”:”602288″,”__typename”:”WhitepaperResource”,”title”:”Your Guide to Roth Conversions”,”altTitle”:null,”subtitle”:”A Kiplinger Special Report”,”url”:”https://www.kiplinger.com/taxes/602288/your-guide-to-roth-conversions”,”contentType”:”WHITEPAPER”,”teaserLabel”:”Tax Breaks”,”cta”:”Get the free report”,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–Gm3YGczO–/v1614121225/roth-ira-vs-regular-ira.png”,”width”:1690,”height”:950,”updated”:”2021-02-25T18:22:49+00:00″,”Article:17494″:”id”:”17494″,”__typename”:”Article”,”title”:”Kiplinger’s Weekly Earnings Calendar”,”altTitle”:”Kiplinger’s Weekly Earnings Calendar”,”subtitle”:”Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.”,”url”:”https://www.kiplinger.com/investing/stocks/17494/next-week-earnings-calendar-stocks”,”contentType”:”ARTICLE”,”teaserLabel”:”stocks”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–beFb_4Ga–/v1610301473/Investing/earnings-calendar-2021.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-15T13:36:00-04:00″,”isSponsored”:false,”sponsor”:null,”Article:604927″:”id”:”604927″,”__typename”:”Article”,”title”:”8 Must-Know Facts About Your Social Security Benefits”,”altTitle”:”8 Must-Know Facts About Your Social Security Benefits”,”subtitle”:”What you don’t understand about Social Security could cost you. Here are key facts worth knowing.”,”url”:”/retirement/social-security/604927/social-security-8-must-know-facts-about-your-benefits”,”contentType”:”ARTICLE”,”teaserLabel”:”Making Your Money Last”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–yNQ30bor–/v1657719835/rn_SocialSecurityCards2.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-14T11:02:23-04:00″,”isSponsored”:false,”sponsor”:null,”Article:604934″:”id”:”604934″,”__typename”:”Article”,”title”:”3 Main Reasons Why the Government Denies Social Security Disability Benefits”,”altTitle”:null,”subtitle”:”To help improve your chances at being approved for SSDI benefits, it helps to better understand why so many applicants get turned down.”,”url”:”https://www.kiplinger.com/personal-finance/604934/3-main-reasons-why-the-government-denies-social-security-disability”,”contentType”:”ARTICLE”,”teaserLabel”:”personal finance”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–yo2zH9DT–/v1657809064/DeniedStamp.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-16T04:42:05-04:00″,”isSponsored”:false,”sponsor”:null,”Article:604922″:”id”:”604922″,”__typename”:”Article”,”title”:”3 Investing Truths to Live By (Right Now and Always)”,”altTitle”:null,”subtitle”:”With the volatility we’ve seen in today’s bear market, many investors are feeling the urge to time the market. Here’s why that is a mistake and what you should keep in mind instead.”,”url”:”https://www.kiplinger.com/investing/604922/3-investing-truths-to-live-by-right-now-and-always”,”contentType”:”ARTICLE”,”teaserLabel”:”investing”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–fKxWWymR–/v1657634031/InvestorCharts.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-15T04:30:10-04:00″,”isSponsored”:false,”sponsor”:null,”Article:604920″:”id”:”604920″,”__typename”:”Article”,”title”:”Should You Ask for a Raise? How to Tell When It’s Time”,”altTitle”:null,”subtitle”:”In today’s job market, employees are calling the shots, making it a great time to negotiate a higher salary. A financial planner explains how to figure out if you are being paid enough, overcome any apprehension about asking for more money and approach salary negotiations like a pro.”,”url”:”https://www.kiplinger.com/personal-finance/careers/604920/should-you-ask-for-a-raise-how-to-tell-when-its-time”,”contentType”:”ARTICLE”,”teaserLabel”:”careers”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–oK8gdEMc–/v1657626384/AskForRaise.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-14T04:30:10-04:00″,”isSponsored”:false,”sponsor”:null,”Article:604923″:”id”:”604923″,”__typename”:”Article”,”title”:”How to Avoid a Summer of Scams – Expert Tips to Help Aging Parents”,”altTitle”:null,”subtitle”:”Financial professionals share their top tips to help avoid becoming a statistic in a summertime wave of identity theft, account hacks and telemarketing fraud.”,”url”:”https://www.kiplinger.com/personal-finance/604923/how-to-avoid-a-summer-of-scams-expert-tips-to-help-aging-parents”,”contentType”:”ARTICLE”,”teaserLabel”:”Scams”,”cta”:null,”teaserImage”:”__typename”:”Image”,”src”:”https://mediacloud.kiplinger.com/image/private/s–eXCyX6DK–/v1650979886/RetireeBeachball.jpg”,”width”:3200,”height”:1800,”updated”:”2022-07-13T04:42:06-04:00″,”isSponsored”:false,”sponsor”:null,”Author:600658″:”id”:”600658″,”__typename”:”Author”,”name”:”Rick Barnett, Certified Estate Planning Professional”,”url”:”https://www.kiplinger.com/authors/rick-barnett-certified-estate-planning-professional”,”shortBio”:”u003cp>Rick Barnett is president and founder of Barnett Financial & Tax, a one-stop financial hub for clients in Michigan and beyond. He hosts the “Barnett Financial Hour” radio show and often serves as a source on local TV news stations. His professional designations include Certified Estate Planning Professional (CEPP), Masters of Estate Preservation (MEP) and Christian Financial Consultant and Advisor (CFCA).u003c/p>”,”jobTitle”:”Founder & CEO”,”type”:”Contributor”,”disclaimer”:”u003cp>The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.u003c/p>”,”generalLegalDisclaimer”:”This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the u003ca href=”https://adviserinfo.sec.gov/”>SECu003c/a> or with u003ca href=”https://brokercheck.finra.org//”>FINRAu003c/a>.”,”company”:”Barnett Financial and Tax”,”DataBlock:e111dd6dfd0aab961dee7106f4398d0eadaa354a”:”id”:”e111dd6dfd0aab961dee7106f4398d0eadaa354a”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Inflation hurts everyone. It seems to reach every sector, product and business in one way or another, whether it raises the cost of heating your home, lunches or road trips. But if you’re a retiree, you may be particularly worried about inflation because your spending habits and income sources might be disproportionately exposed to inflation. This means that changes to the dollar’s purchasing power may have a considerable impact on your ability to cover costs of living and maintain your quality of life.u003c/p>n””,”wordCount”:83,”DataBlock:b1574dca812d1bea3446f32d8d182e73cc4df53c”:”id”:”b1574dca812d1bea3446f32d8d182e73cc4df53c”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”1. Why Inflation Can Hurt Retirees Disproportionately”,”size”:”2″”,”wordCount”:null,”DataBlock:99feeb73562d9c4ac06555115738bfd14554a483″:”id”:”99feeb73562d9c4ac06555115738bfd14554a483″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>u003ca href=”https://www.kiplinger.com/personal-finance/inflation/604823/what-is-your-personal-inflation-rate”>Inflation affects people differentlyu003c/a>, and there are many who may not feel the effects of inflation as much as others. But retirees tend to spend larger portions of their income on items highly affected by inflation. You may spend a large part of your income on housing, food, gas and health care, all of which are seeing the full effect of inflation. In addition, inflation hurts those who are living off their savings and have limited market exposure that could otherwise provide higher yields. Retirees are much more likely to be dependent on their savings than a working person, who may receive cost of living increases to their salary or consistent raises.u003c/p>n””,”wordCount”:113,”DataBlock:5c6d414689245ac7e4b1ae16acbe9d0c43db91dc”:”id”:”5c6d414689245ac7e4b1ae16acbe9d0c43db91dc”,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[“url”:”/investing/economy/604893/is-a-recession-ahead”,”title”:”Is a Recession Ahead?”,”label”:”Is a Recession Ahead?”,”primaryMediaType”:”IMAGE”,”image”:”id”:”32669″,”publicId”:”slideshow/retirement/T051-S014-4-ways-claiming-social-security-early-can-be-smart/images/Cloudy”,”format”:”jpg”,”version”:1584617916,”url”:”http://mediacloud.kiplinger.com/image/private/s–ugAjcCx—/v1584617916/slideshow/retirement/T051-S014-4-ways-claiming-social-security-early-can-be-smart/images/Cloudy.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–ugAjcCx—/v1584617916/slideshow/retirement/T051-S014-4-ways-claiming-social-security-early-can-be-smart/images/Cloudy.jpg”,”width”:1280,”height”:842,”size”:82995,”created”:”2020-02-11T10:00:37+00:00″,”credit”:”Getty Images”,”src”:”https://mediacloud.kiplinger.com/image/private/s–ugAjcCx—/v1584617916/slideshow/retirement/T051-S014-4-ways-claiming-social-security-early-can-be-smart/images/Cloudy.jpg”,”fullDistributionRights”:true,”__typename”:”Image”,”summary”:”The signs are pointing in that direction, but before you get too concerned, let’s put the whole situation in context.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””]”,”wordCount”:null,”DataBlock:b4089370715aec01ddde188042759bc569b08743″:”id”:”b4089370715aec01ddde188042759bc569b08743″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>As a retiree, when markets are volatile and inflation is at your door, the task of making your money last for the rest of your life can seem daunting. In that respect, inflation is the silent killer of retirement planning. To put it in perspective, there is a commonly used calculation that is used to determine how inflation may affect your money.  The rule of 72 is a simple calculation used to assess the effects of inflation on an individual’s assets over time – it goes like this: Divide 72 by the inflation rate, and the result is how many years of that inflation rate it would take for the value of your money to halve.u003c/p>n””,”wordCount”:116,”DataBlock:eebaac8fed936ebe0b53abe40ebcd88956636589″:”id”:”eebaac8fed936ebe0b53abe40ebcd88956636589″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp> The u003ca href=”https://www.kiplinger.com/economic-forecasts/inflation”>recent rise of inflationu003c/a> leaves many retirees with difficult decisions on how to protect their retirement savings while covering their costs of living. For example, if you’re exposed to markets, you’ve seen your portfolio fluctuate in value and may suffer what’s known as “u003ca href=”https://www.kiplinger.com/article/retirement/t037-c032-s014-retirees-can-t-overlook-sequence-of-return-risk.html”>sequence of returns risku003c/a>,” where you’ve essentially sold your holdings at market lows, leaving less for an eventual bounce-back. On the other hand, if you’ve played it safe and held your savings in bank accounts yielding little to no interest, you’re looking at high rates of erosion from inflation.u003c/p>n””,”wordCount”:94,”DataBlock:d82e995474e5800eac508e1ef567f510a7003bdc”:”id”:”d82e995474e5800eac508e1ef567f510a7003bdc”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”2. The Cost of Inflation”,”size”:”2″”,”wordCount”:null,”DataBlock:61378b059183e761643a2721fa39cc32e9d058c0″:”id”:”61378b059183e761643a2721fa39cc32e9d058c0″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Retirees’ sources of income tend to be vulnerable to large inflation spikes. Employees can at least make the case for inflation-based raises, but retirees don’t have that option. If you’re a retiree, most of your income is likely either tied to markets or is in fixed income, two sources that are highly affected by inflation.u003c/p>n””,”wordCount”:55,”DataBlock:14309315f11014be8f1e6b36b72a9578372e8682″:”id”:”14309315f11014be8f1e6b36b72a9578372e8682″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Pensions are a mainstay of retirement income for many. But this source of income is struggling to match pace with inflation. Most private pensions don’t offer cost of living adjustments, or COLAs, which means that if you’re a retiree relying on pension income, you’ll receive the same payments regardless of their diminishing value.u003c/p>n””,”wordCount”:53,”DataBlock:7bf4c2a6c52bff628f089ef6f39e4da3e6a5da3d”:”id”:”7bf4c2a6c52bff628f089ef6f39e4da3e6a5da3d”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>While Social Security does offer COLAs, the u003ca href=”https://www.kiplinger.com/article/retirement/t051-c000-s010-what-is-the-social-security-cola.html”>last increase was 5.9%u003c/a>, which falls short of the 8% to 9% increase in prices we’ve seen over the past 12 months, u003ca href=”https://www.bls.gov/news.release/cpi.nr0.htm” target=”_blank”>according to the CPIu003c/a>. Because of this, retirees relying on Social Security could see insufficient income for the rest of 2022.u003c/p>n””,”wordCount”:52,”DataBlock:be9dd009a74e47eece99536ce4d422012574360a”:”id”:”be9dd009a74e47eece99536ce4d422012574360a”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Retirees often turn to their savings to get them through retirement. But when inflation occurs, the purchasing power of your savings diminishes, leaving you to withdraw larger amounts of savings to cover your costs of living, effectively shrinking the lifespan of your retirement savings. Similarly, many retirees also utilize certificates of deposits (CDs), which lock up their funds for a fixed amount of time in exchange for interest payments. Many turn to CDs as a safe, market-neutral investment, but some CD arrangements can last many years, tying up funds you may need to get you through this inflationary period and offering fixed rates that don’t match inflation. Plus, withdrawing these funds prematurely can leave you paying hefty penalty fees.u003c/p>n””,”wordCount”:119,”DataBlock:9244b836ff18f226b0d624e03356778fc272923b”:”id”:”9244b836ff18f226b0d624e03356778fc272923b”,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[“url”:”/personal-finance/inflation/604849/8-money-tips-for-seniors-suffering-from-inflation”,”title”:”8 Money Tips for Seniors Suffering from Inflation”,”label”:”8 Money Tips for Seniors Suffering from Inflation”,”primaryMediaType”:”IMAGE”,”image”:”id”:”49733″,”publicId”:”LifeBuoy22″,”format”:”jpg”,”version”:1643644061,”url”:”http://mediacloud.kiplinger.com/image/private/s–ZKR2SrFT–/v1643644061/LifeBuoy22.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–ZKR2SrFT–/v1643644061/LifeBuoy22.jpg”,”width”:3200,”height”:1800,”size”:354184,”tags”:[“azure”,”circle”,”cloud”,”fluid”,”horizon”,”lifebuoy”,”liquid”,”personal protective equipment”,”sky”,”water”],”created”:”2022-01-31T15:47:41Z”,”credit”:”Getty Images”,”alt”:”A life preserver is held up against the ocean horizon.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–ZKR2SrFT–/v1643644061/LifeBuoy22.jpg”,”fullDistributionRights”:true,”__typename”:”Image”,”summary”:”This year has been an especially tough one for seniors on fixed incomes. To stay on track, try these eight financial survival tips.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””]”,”wordCount”:null,”DataBlock:7495c928285dcd8633ca1e3904603a189815cfd5″:”id”:”7495c928285dcd8633ca1e3904603a189815cfd5″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>But on the other hand, inflationary periods can sometimes coincide with market volatility and downturns.  The S&P 500 saw roughly a 20% decline from Jan. 3, 2022, to July 1, 2022.  If you were relying on IRA distributions within that period, they may have left you taking larger distributions when markets were at relative lows, meaning you withdrew a larger percentage of your portfolio. This phenomenon, known as sequence of returns risk, leaves less of your principal amount to benefit from an eventual market rebound, ultimately shortening the lifespan of your IRA.u003c/p>n””,”wordCount”:92,”DataBlock:cfd77d2068d403fbf1ba5bd6e8a9789390d7895f”:”id”:”cfd77d2068d403fbf1ba5bd6e8a9789390d7895f”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Ensuring that your income keeps pace with inflation is a must. But it’s also important to consider whether inflation will mean paying more in taxes. If you’ve opted for inflation-protected securities that yield you higher income, more income means more taxes, and in some cases, a higher tax bracket. Unfortunately, tax brackets don’t adjust in real time, so there may be a period in which your income is taxed at higher rates, despite it covering less of your expenses. Paying more in taxes can be another hidden cost of inflation.u003c/p>n””,”wordCount”:90,”DataBlock:14a63c758433f4a46e08e5c1c080bcdccc83aa9f”:”id”:”14a63c758433f4a46e08e5c1c080bcdccc83aa9f”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”3. Inflation Hedges to Protect Yourself”,”size”:”2″”,”wordCount”:null,”DataBlock:45e6ef40eceb60e4425aba0ba0a8b36c8511ba72″:”id”:”45e6ef40eceb60e4425aba0ba0a8b36c8511ba72″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>As mentioned, inflation-protected securities can be a way to keep your income on pace with inflation. Treasury Inflation-Protected Securities, commonly known as TIPS, offer an interest distribution rate that keeps pace with the CPI inflation rates. This investment vehicle has helped retirees mitigate inflation and maintain their quality of life through retirement without worrying about outliving their savings.u003c/p>n””,”wordCount”:58,”DataBlock:79c52dbe0089686de308830648a7dd4b481a2d3d”:”id”:”79c52dbe0089686de308830648a7dd4b481a2d3d”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>However, inflation-protected bonds aren’t for everyone. If you seek wealth preservation as opposed to increased income, there are other asset strategies that will achieve those goals without income taxes. Consider including in your portfolio certain stocks and sectors related to precious metals, mining, commodities and commodity production, such as food, oil and gas. Holding your assets in these sectors has historically provided wealth protection without increased taxable income through inflationary periods.u003c/p>n””,”wordCount”:71,”DataBlock:98c998224dee43ad0f7032d7ced3d4ba8bbac40a”:”id”:”98c998224dee43ad0f7032d7ced3d4ba8bbac40a”,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>u003ca href=”https://www.kiplinger.com/retirement/annuities”>Annuities, an insurance product for retirement savingsu003c/a>, are another option that can provide you with inflation protection without sacrificing market exposure or sequence of returns risk. Annuities are often customizable based on what your personal risks are as well as what you’re concerned about in the market.u003c/p>n””,”wordCount”:48,”DataBlock:8bb0fb2c1460d612cfd238c6fa04aa4f1a01012f”:”id”:”8bb0fb2c1460d612cfd238c6fa04aa4f1a01012f”,”__typename”:”DataBlock”,”type”:”HEADER”,”data”:””text”:”The Bottom Line”,”size”:”2″”,”wordCount”:null,”DataBlock:298ba51ad2b15f9275a7a0ab41b75c16211581a3″:”id”:”298ba51ad2b15f9275a7a0ab41b75c16211581a3″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp>Retirees and their savings face a tough road ahead due to inflation. Income sources for retirees are largely inflation-exposed, and their spending habits tend to be on products and services impacted by inflation. But there are plenty of strategies out there that can keep your retirement on track, whether you’re looking to protect your wealth from the erosion of inflation or increase your income to keep pace with it.u003c/p>n””,”wordCount”:69,”DataBlock:1d1167c107a07b92c8c730b8b12846588f8f0454″:”id”:”1d1167c107a07b92c8c730b8b12846588f8f0454″,”__typename”:”DataBlock”,”type”:”TEXT”,”data”:””u003cp> Investing in inflation-protected securities, asset sectors that are historically inflation-resistant and financial insurance products, such as annuities, are all potential strategies that could help you weather the storm of inflation.u003c/p>n””,”wordCount”:30,”DataBlock:6a73116ccdfd96cbb4137a28c6aa69dc12ec320e”:”id”:”6a73116ccdfd96cbb4137a28c6aa69dc12ec320e”,”__typename”:”DataBlock”,”type”:”RELATED_CONTENT”,”data”:”[“url”:”/retirement/604890/has-bad-economic-news-in-2022-hurt-your-retirement-plans”,”title”:”Has Bad Economic News in 2022 Hurt Your Retirement Plans?”,”label”:”Has Bad Economic News in 2022 Hurt Your Retirement Plans?”,”primaryMediaType”:”IMAGE”,”image”:”id”:”51515″,”publicId”:”PiggyDecline”,”format”:”jpg”,”version”:1657045095,”url”:”http://mediacloud.kiplinger.com/image/private/s–zipP9NhU–/v1657045095/PiggyDecline.jpg”,”secureUrl”:”https://mediacloud.kiplinger.com/image/private/s–zipP9NhU–/v1657045095/PiggyDecline.jpg”,”width”:3200,”height”:1800,”size”:350164,”tags”:[],”created”:”2022-07-05T18:18:15Z”,”credit”:”Getty Images”,”alt”:”A black piggybank with a jagged downward arrow on its side that looks like a stock market indicator.”,”src”:”https://mediacloud.kiplinger.com/image/private/s–zipP9NhU–/v1657045095/PiggyDecline.jpg”,”fullDistributionRights”:true,”__typename”:”Image”,”summary”:”How the right plan now can get you back on track and reduce the risk going forward.”,”rating”:0,”priceMin”:0,”priceMinPrefix”:””,”priceMinSuffix”:””,”priceMax”:0,”priceMaxPrefix”:””,”priceMaxSuffix”:””]”,”wordCount”:null};

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