Stretch Your Dollar: Inflation impacting retirement plans

(WTNH) — Inflation is impacting everyone’s bottom line, especially those looking to retire soon.

You’re told to start saving for retirement as soon as you can, as it’s impossible to predict life’s financial highs and lows. And right now is one of those lows.

Bankrate.com reports the inflation we’re seeing now is impacting retirement savings, roughly 55% of people say their savings are behind where they need to be.

35% of people even say it’s significantly behind.

News 8 has some tips to find money to put toward retirement.

First, review your credit report. You should check it at least once a year, and make sure there are no errors. Having a good score means you get the best rate on your other bills.

Also, reduce unnecessary expenses. Any monthly subscriptions you’re not taking advantage of could be cut, or call if some of your monthly bills seem too high. Look for any saving opportunities you may be eligible for.

And finally, don’t miss out on free money. Look for retirement matches if you’re working, or credit card rewards and cashback on purchases you’ve made.

The most important thing is to recognize you’re not saving enough, and start a plan to get back on track.

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