How Retirees Are Making Life Changes Because of Inflation
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Here's your money briefing for Tuesday, August 30th. I'm J.R. Whelan for The Wall Street Journal. The up and down stock market and soaring inflation has a lot of us concerned about our retirement savings. But what about people who are retired or are close to it? The current wave of economic uncertainty is causing them to not only consider making changes to their finances, but to many other aspects of their lives.
If you're having financial difficulties, that may affect your health. And if you're having health problems, that could easily affect your finances. So same thing with purpose. If you don't have a sense of purpose, it definitely has health ramifications and it can also affect your finances.
On today's show, we'll talk with Maddy Dykwald. She's co-founder of AgeWave, which surveyed thousands of retirees about the effects of economic instability on their lives and how they're adapting to an unstable market. We'll talk with her about the findings after the break.
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How does inflation and market volatility threaten retirees' purchasing power?
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Inflation running at levels not seen in 40 years, coupled with stock market instability, is chipping away at the purchasing power of everyone's retirement savings. Now people still in their prime working years still have time to potentially make up for those losses, but retirees on a fixed income may not. The think tank and consultancy group AgeWave recently polled thousands of people about changes they're making to their finances and their lives to protect their nest egg during the current choppy economic climate. And AgeWave co-founder Maddy Dykwal joins me to talk about it. Maddy, thank you very much for being with us.
Oh, thank you for having me. This is going to be great fun.
So Maddy, AgeWave recently surveyed about 11,000 people, including 5,000 retirees. What do they say are the biggest concerns they're facing?
we really did focus on not just finance, but four pillars of retirement. And they're all equally important according to retirees and pre-retirees. And the four pillars are health, family, purpose, and finance. And by the way, one of the reasons that people are considering working during retirement, it's not just financial, it's also to have this sense of purpose. They're also seeing the connection between the different pillars. For instance, if you're having financial difficulties, that may affect your health. And if you're having health problems, that could easily affect your finances. So same thing with purpose. I mean, you wouldn't see it quite as clearly, but if you don't have a sense of purpose, it definitely has health ramifications and
And it can also affect your finances. I mean, you may feel like suddenly that you need to do things to take care of your health in a way that you never did before that may have some real financial considerations attached to them.
Well, let's talk about some of those issues facing retirees and even those approaching retirement. We often hear that the goal of retirees is to not outlive their money, right?
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