Annual inflation grew by 8.3% in April, but some retirees may be shielded from certain swelling costs, according to a J.P. Morgan report.
And some retirees may have the flexibility to buy less gas by combining trips or sharing rides, said certified financial planner Catherine Valega, a wealth consultant at Green Bee Advisory in the greater Boston area.
"I don't think we need to panic," added Valega, explaining how price changes may be a chance to revisit budgets and long-term plans. While J.P. Morgan suggests using a separate line item for the rising cost of health care, with a 6% growth rate, other spending categories may only inflate by 1.5% to 2% annually, Roy said.
If you pull out health care, retirees tend to spend less in real terms until age 80 on other categories, she said.showing retirement spending decreases in 11 of the 14 core categories found in the U.S. Bureau of Labor Statistics Consumer Expenditure Survey. Although the rising cost of health care is a concern, it's not enough to offset the decreases in retirees' spending on housing, food and transportation, said CFP Anthony Watson, founder and president of Thrive Retirement Specialists in Dearborn, Michigan.
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