The consumer price index increased 0.4% for the month and is up 7.7 percent from a year ago according to the Bureau of Labor Statistics. While price increases are still rapid and painful for many households, they are finally beginning to show signs of progress. The inflation index picked up by 7.7 percent in the year through October*, less than the 7.9 percent that some analysts had expected. Even with this positive news, inflation remains well above the Fed’s 2% target and several areas of the report show that the cost of living remains high. Shelter costs, which make up about one-third of the CPI, rose 0.8% for the month, the largest monthly increase since 1990, and up 6.9% from a year ago, their highest annual level since 1982*. Also, fuel oil prices jumped 19.8% higher for the month and are up 68.5% over the past 12 months*. “One month of data does not a victory make, and I think it’s really important to be thoughtful that this is just one piece of positive information, but we’re looking at a whole set of information,” San Francisco Fed President Mary Daly said in response to the CPI data. _ Depending on how you prepare, retirement can be the most rewarding or stressful time of your life. To answer some of your questions about inflation and retire on your terms, Contact us or Call 860-757-3644 for a complimentary consultation. At Retire Safety First we believe you have a right to a safe, secure and predictable retirement. Our goal is to remove the fear and uncertainty out of retirement, to provide peace of mind for retirement. *All Statistics provided by the Bureau of Labor Statistics

New inflation data released on Thursday showed that consumer prices climbed far more quickly than expected with a rise of .4% in September (according to the Bureau of Labor Statistics) as inflation pressures continue to weigh on retirees and the economy at large. The food index alone rose 0.8% for the month and is up 11.2% from a year ago. That increase helped offset a 2.1% decline in energy prices that included a 4.9% drop in gasoline. Energy prices have moved higher in October, with the price of regular gasoline at the pump nearly 20 cents higher than a month ago, according to AAA.

The Social Security Administration announced that cost-of-living adjustment will be 8.7% in 2023, the highest increase in 40 years. The average Social Security retiree benefit will increase $146 per month from $1,681 in to $1,827 in 2023. However, with inflation continuing to rise at dangerous levels, it is important to be aware of the possibility that these cost-of-living adjustments may not be enough to maintain your lifestyle throughout retirement. 

The Centers for Medicare & Medicaid Services announced that 2023 monthly Part B premiums will decrease to $164.90 from $170.10. This change represents the second time in the past two decades that Part B premiums will decrease from the prior year. Pair that decrease with the expected 8.7% increase in Social Security’s annual cost-of-living adjustment (COLA), many retirees could see a substantial increase in their monthly Social Security checks in 2023.

Now that you are transitioning into retirement, you are free to do more of what you love with the people you love. Creating memories with your grandchildren will be something each of you cherish and hold on to. Did you know two out of three grandparents think being a grandparent is the most important and satisfying thing in their lives? Here are some of the incredible benefits of spending time with your grandchildren: 1. Increase Happiness For Everyone A close relationship between grandparents and grandchildren has shown to decrease symptoms of depression for both generations. Grandparents in the study were found to be less depressed when they received or gave tangible help to their grandchildren. Anything from rides to school, advice on life, or helping financially were contributors to lessened depressive symptoms found in older adults. Children with a high level of positive grandparental involvement have shown fewer emotional and behavioral problems and are seen to be more secure and significantly happier. 2. Sharing Family History Grandparents have incredible insight to family history. Teaching your grandchildren about where they come from, and the struggles and successes of the family helps grandchildren better understand their unique history. Grandparents may have family heirlooms to pass down, like photo albums and family recipes that grandchildren would greatly value. Grandparents who share their fondest stories can keep their memories alive. Every family is unique in its makeup and journey. Grandparents can unlock their history and make it a part of the present for younger generations. 3. Keeps You Socially And Physically Active Playing with grandchildren can be a fun and rewarding way to remain physically active. Whether you’re playing a game of catch, walking around the shopping mall, or taking a relaxing walk around the park, the exercise and memories created are great for each of you. Taking your grandchild out could provide opportunities for meeting other adults, and grandparents. This social interaction can help you find and grow your social circle throughout retirement. 4. Becoming A Role Model As retiree’s age, they can struggle to find purpose. Becoming a role model to your grandchildren is one of the most fulfilling and loving things you can do. You’ll be able to share all your life experiences to help teach a new generation. Afterall, now is the time to do more of what you love with the people you love.

Do You Want To Transition Into Retirement With Confidence?

A great way to combat inflation and make it easier to maintain your lifestyle in retirement is to lower your expenses.

Now that you are transitioning into retirement you need to know how to keep yourself busy.

You have been looking forward to the day you retire for most of your working life.