Retirees don’t have control over inflation, or over how much of a Social Security benefits increase they
get. Doing some part-time work to pick up the slack may be an option (just be aware of the possible effect working could have on Social Security benefits if you’re a younger retiree).
Otherwise, you may need to tighten your budget as your buying power falls, or even consider relocating to an area with a lower cost
of living. For those not yet retired, it’s important to pay attention to what’s happening to the Social Security
benefits of future retirees. You can encourage lawmakers to consider a shift to how Social Security
raises are calculated, but you should also plan to increase your retirement savings goals to make sure
your savings are adequate to supplement Social Security even as retirement benefits lose ground.
Both current and future retirees should pay close attention to this issue and make sure they have a plan
in place to mitigate it, especially as threats of rising inflation grow more pressing.