Inflation and Retirement
In January inflation rose 7.5 percent, which was a 40-year high – fueled by strong consumer demand combined with pandemic induced supply shortages. Prices rose in several key categories, including food, cars, electricity and housing.
Inflation at any level is bad news for seniors and retirees, many of whom are living on fixed income. Social Security increased 5.9 percent for 2022, but that does not keep pace with inflation.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
