As inflation soars to record highs, pensions are feeling the pinch, making it even more important to make sure yours is working for you. Even state pensions that make annual adjustments, known as 'cost-of-living-adjustments,' are struggling to keep pace.
"The blistering inflation rate we have been seeing for a year now will ravage both those living on a pension, and the pension fund itself," Dan North, senior economist at Allianz Trade North America, told CNBC.Among those hardest hit by rising inflation will be retirees themselves, especially those with lower or fixed incomes, whose money has to go further to pay for non-discretionary items, such as food and energy.
"The typical pension system gives a 1-2% COLA each year. We're seeing costs go up by that each month," Chris Janeway, founder at financial advisory firm Fourth Point Wealth, said."For those who've retired on a fixed income, it's a massive burden to watch their food and travel costs rise so significantly."
Indeed, now could be a good time to increase your retirement savings by putting additional funds in a private pension or alternative investments. "Investing in TIPs is a defensive move and will not win back dollars already lost to inflation, but now might be a good time to get some exposure to them to protect from the ravages of future inflation in a relatively low-risk way," said Bailey.
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