There are significantly more challenges for retirees or those close to retirement. Paying more for gas, groceries, and other items on a fixed income while watching your investment portfolio built over a lifetime decline in value is challenging.
It’s a good idea to work with a financial advisor (i.e., CFP) for retirement planning well ahead and to review your financial plan with them periodically.
With these economic issues, you’ll have more challenges. Consider speaking with your financial advisor to review your financial plan and investment portfolio.
If you’re about to retire, you may want to continue working a couple of years longer. Many people want to transition into retirement by working part-time.