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Although inflation can be challenging,there are ways for middle-class retirees to deal with it more effectively.
Here are some of the top tips from financial experts.
If you are holdingcash or cash alternatives, paying off credit cards to lower outgoing dollars is extremely important.
If you dont have the cash to pay off debt, consider finding ways to restructure.
That could be a big problem to carry around in retirement.
Higher inflation generally means higher interest rates.
Many banks and insurance companies have drastically increased their interest rates.
Review Investments
Your investment portfolio is another key aspect of keeping up with inflation in retirement.
Fixed-income vehicles may be best suited for the mid-term.
This also ties into the power of diversification.
Adjust Your Budget
As prices increase, sometimes middle-class retirees need to tighten their belts a bit.
Track your own personalized inflation rate, Johnston suggested.
Build a budget that you will stick to, Sharifi said.
A budget that you will stick to is more important than any other budget.
Then review weekly to ensure you are staying on track.
But you dont have to go back to work full time.
Start working onfuture income streams, Sharifi said.
Because at some point this will happen again and when that happens, you will want to be ready.
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