Many Americans plan ahead for Social Security and retirement, and with inflation rapidly rising, here are ways to prep.
Delaying right now could be stressful as inflation creates so much uncertainty.
There is always the option to delay benefits past your full retirement age, but there are a few other things you could do as well.
3 things to do to prepare for Social Security and retirement amid inflation
First, you should lower your spending as much as you can.
This means budgeting and covering the necessary costs.
Look for cheaper insurance rates or healthcare.
Social Security: Customer service issues so bad, Congress is getting involved
If you drive less because you no longer work, you could potentially save on insurance.
Another thing you can do is figure out your own personal inflation rate.
This means looking at your budget and seeing exactly what the rate of inflation has been for you compared to the U.S.
You may find areas where you can cut expenses by doing this.
Finally, you can tap into your home equity with a reverse mortgage if you don’t want to sell your home.
This way you’ll receive monthly payments.
You could also open a home equity loan, or a second mortgage, to free up some cash.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]