Retirees face the harsh realities of not generating enough retirement income to sustain current spending habits amid the worst inflation in four decades.
Millions of Americans living out their golden years are readjusting their retirement income and altering spending behaviors to survive the inflation storm sparked by the Federal Reserve and the federal government’s spending spree during COVID that sparked inflation which has since become a significant policy error. The Fed has since unleashed the most aggressive quantitative tightening scheme in decades to tame inflation and could easily tip the economy into recession later this year or in 2023.
Financial turmoil has put retirees in a tough spot because they don’t want to drain their savings and be forced to re-enter the labor market as Walmart greeters.
So if retirees want to maintain their current standard of living, there’s a new study by GOBankingRates that has found the top metro areas where baby boomers can comfortably survive for less than $1,500 a month.
GOBankingRates found Odessa, Texas; Wayne, Indiana; St. Cloud, Minnesota; Lake Charles, Louisiana; Lawton, Oklahoma; and Lansing, Michigan, the most affordable areas where retirees could live out their golden years (currently) for less than $1,500.