Maddy Dychtwald

speaker

77 appearances 1 recordings 1 series first heard Aug 2022 last heard Aug 2022

Maddy Dychtwald’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Retirees Are Making Life Changes Because of Inflation · 30 Aug 2022 podcast

Of course, many retirees are beginning to now worry about

outliving their money.

But more than ever, they are worried about inflation and market volatility, which, by the way, up until recently was not a big issue for them at all.

They were not really concerned.

And in fact, in many ways, they did better than the other generations during the pandemic, not just in terms of finances, which they did, but also in terms of their psychological and mental well-being.

First, overall, retirees actually fared pretty well during the pandemic.

Even though the pandemic has challenged us all physically and psychologically and financially, retirees were less affected.

For one thing, from a psychological standpoint,

They've been there before.

When I say been there before, what I mean is they've been through other challenges.

They've gone through periods where the market fell to the floor.

They've been through things that have shaken up politically in our country.

They've been through some crises and they've come out the other end and realized, you know what, this too will end.

And so from a psychological standpoint,

older people did far better than younger people during the pandemic.

Now, as you might even realize, it's the youngest generation, Gen Z, who really struggled psychologically and are still struggling to a great extent during the pandemic.

So there's that.

Then, of course, there's financially.

Retirees had a huge advantage over the average American in that they had these benefits, Social Security, Medicare, that gave them kind of a strong retirement underpinnings financially.

So they were less worried until they started experiencing this inflation and market volatility.

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