Annual inflation grew by 9.1% in June, but some retirees won’t feel the brunt of many soaring costs, experts say.
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.through June, older households generally spend less on transportation than families ages 35 to 44, making them less vulnerable, the report found.
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," said Valega, explaining how price changes may be a chance to revisit budgets and long-term plans.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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