Is Inflation Cooling Down?
Inflation is hitting everyone with higher prices. Whether groceries to gas and farm machinery, the impact of inflation is widespread. AARP’s Sean Voskuhl said for seniors, some inflation relief could be coming through social security next year.
“Many experts predict the that cost of living adjustment for social security benefits in 2023 could exceed nine percent, likely one of the highest cost of living adjustments in history. Yet, there’s still great concerns regarding the economy in the future.”
Concerns are rising that the Federal Reserve’s monetary campaign to bring inflation down will push the economy into a recession.
“The end of the economic expansion has been prematurely announced too many times recently," Voskuhl said. "That said, the risk is real. So, from a personal finance perspective the key question is where your greatest risks are, if the economy does stumble. Meanwhile, the housing market has been on a tear starting early in the pandemic, but is cooling off with higher interest rates. Still, the big problem remains a lack of supply, even in many rural counties. How to think about your home and home equity in retirement, is another good consideration.”
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