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Wednesday, March 22, 2023

The Daily Money: Who wants to be a retiree?

Retiring has never been an easy feat. But it is especially hard in this economy with inflation remaining near historically high levels.
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The Daily Money

ALL THE MONEY NEWS YOU NEED TO KNOW

Wed Mar 22 2023
 

Elisabeth Buchwald |  Personal Finance & Markets Reporter

@BuchElisabeth

Happy Fed Day to those who celebrate. I'm Elisabeth Buchwald, and in addition to writing today's Daily Money, I'm leading our live coverage leading up to the Fed's crucial interest rate decision. 

As the day progresses, I'll continue to give you the latest market news, helpful information and context ahead of Fed Chair Jerome Powell's press conference and the latest headlines.

If you have any questions or would like me to go deeper on a topic feel free to DM me on Twitter @BuchElisabeth or email me at Ebuchwald@usatoday.com. 

How are retirees staying afloat in this economy? 

Retiring comfortably has never been easy. It requires careful planning, budgeting and scaling back on spending.

But retirees nowadays are having an especially hard time getting by with the money they set aside. That's because high inflation has eroded the value of their savings. Not only can they afford fewer goods and services with the savings they set aside but their investments have also plunged over the past year as the Federal Reserve hiked interest rates.
Old Retired Asian Senior Couple Checking And Calculate Financial Billing Together On Sofa Involved In Financial Paperwork Paying Taxes Online Using E Banking Laptop At Living Room Home Background

It's a challenging time to retire thanks to the state of the economy.
Getty Images. Posed by models.

That's left many retirees or would-be-retirees defenseless to protect their nest eggs.

This is particularly problematic since 2.6 million more Americans than usual retired in the past year or so per Fed estimates  partly due to pandemic-related health concerns and bloated retirement accounts as asset values rallied to record highs.

For tips on how you can stretch your retirement savings further be sure to check out Medora Lee's latest story.

📰 More stories you shouldn't miss 📰

About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.

Elisabeth Buchwald is a personal finance and markets correspondent for USA TODAY. You can follow her on Twitter @BuchElisabeth and sign up for our Daily Money newsletter here

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