We all know about the recent increase of inflation to 5.4%, a lot more than 2020 when it was 2.5%.
So we have to have an inflation strategy, not only to beat inflation, but to get ahead of it!
In January of 2022, senior citizens will get a cost of living increase by approximately what the rate of inflation will be at that time. That’s the law — it’s approximately 5.5% to 6.2% — thank goodness for that.
To get ahead, senior citizens — and those not on Social Security especially — need to look out to get ahead.
Look at all of your options. Did you know that if you have reached full retirement age you can earn an unlimited amount of money without your Social Security being diminished? That’s good! So if you make investments you know that your Social Security is secure.
Don’t be ashamed to use coupons for groceries. There is a story of billionaires Bill Gates and Warren Buffett at a Hong Kong McDonald’s and Gates said that Buffett offered to pay, then he whipped out coupons.
Don’t waste gas: Keep a planning notebook for everywhere you need to go in one trip.
With COVID out there, we don’t need to be wandering around every day exposing ourselves and wasting money and time.
Find new ways to make money. For instance, on the front page of a recent Parade magazine there was a photo of a 9-year-old boy who made $29.5 million as a YouTube toy reviewer — hard to believe!
Well, let’s just beat that inflation, young and old, by keeping an open mind. Besides, it’s not the end of the world — not just yet — if we keep trying, that is!