Will inflation become big challenge for retired people after 10-20 years? - page 2.

Sebas.tian

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Quote from: |MINER|

If retirees can use their retirement money wisely, inflation will not be a problem for them. But if they exhaust the money or leave it in fiat, their future is uncertain. remains So the money has to be used properly only then the future of retirees will be assured. If the retirement money is invested in BTC or buy land or invest in a trusted business then it will be protected.

There are many investment you can have in mind to invest when you retire by start saving some money that will help you to achieve your goal in the future, because those that invested in some potential assets with their retirement money will not experience what other people that failed to invest their retirement money are going through in this inflation. If you plan your future well when you are young, it will help you to live your life well and you will not lack of anything, because you have invested your money on a good asset that will make you not to see hardship or inflation around you. Bitcoin, lands and estate investment are high standard investments you can invest and you will be wealthy in the future, because they always increase those that embrace the investments huge amount of income.

|MINER|

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If retirees can use their retirement money wisely, inflation will not be a problem for them. But if they exhaust the money or leave it in fiat, their future is uncertain. remains So the money has to be used properly only then the future of retirees will be assured. If the retirement money is invested in BTC or buy land or invest in a trusted business then it will be protected.

harapan

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?
[/quote

Actually,its not inflation that inflicts hardship on us.It's not necessarily inflation or only inflation.Every active individual should expect the bad signals and good signals always,the ability of somebody to have the inflation under one's control is such a blessing.Particularly,I mean that understanding the concept inflation and applying the necessary practices and method so it can relief you from its pressure's.

During inflation,the cost of living increases without caution and that's really scary.Goods and services constantly gets expensive.But mind you,inflation injures retirees that have not been able to figure out that thier disappointment and hardship starts when they believe and depend completely on penssion payments from the government.

Inflation Favours the people that gain the knowledge as fast they could,utilized the opportunity and implemented the decision to ensure and activate financial safety for themselves.

AmoreJaz

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Quote from: South Park on April 13, 2024, 05:59:26 PM

Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

In my opinion many of those people that trusted the government and financial institutions to administer their money will come to regret their decision, as I really think it will become impossible to pay those people and they will stop receiving their pension or receive just a fraction of it on the future, so anyone that is young enough now, must prepare for that scenario and avoid to depend completely on that money, and do what they can to have a second retirement fund they manage on their own.

You have a point on this. So aside from relying on a retirement fund, one can always invest in other tangible assets such as real-estate or precious metals. Or other assets they think they can sell in times of financial needs and not just waiting from your retirement funds or savings. It is always best to prepare and plan for contingencies so you won't be in a tight position when something unexpected happens in the future.

Also, one can consider alternative plans or living once you are in your retirement stage -
> live simply, don't buy luxury items for nothing
> be minimalist
> find hobbies that you believe can help you maintain healthy life
> spend on healthy foods, but you can indulge your appetite from time to time
> remove your subscriptions that you are not really using much
> tend your own garden
> surround yourself with quality friends that you can talk to

South Park

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

In my opinion many of those people that trusted the government and financial institutions to administer their money will come to regret their decision, as I really think it will become impossible to pay those people and they will stop receiving their pension or receive just a fraction of it on the future, so anyone that is young enough now, must prepare for that scenario and avoid to depend completely on that money, and do what they can to have a second retirement fund they manage on their own.

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

retirees, especially those who have worked in government, will never be in a safe zone, especially as inflation comes unstoppable, therefore, every retiree needs to gain knowledge about managing money and investing money.

one of the people closest to me is a government employee but he has started investing in property slowly, he said that in his old age, he doesn't want his life to be difficult, he wants to be in a safe zone and far from debt so he works hard while he is still working in government.

those who are safe in the future are those who prepare all their needs before retirement or old age.

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Quote from: shield132 on April 13, 2024, 12:31:10 PM

Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

Inflation is always a big challenge for retired people, especially in developed countries with the mentality that parents should leave alone and their sons and daughters should leave separately. In developed countries with this mentality, retired people, who didn't manage to build a business and collect a huge wealth, and those who depend on government pensions, will be seriously affected by inflation, it will be a huge challenge for them. That's why many people from such countries move to cheap countries.
The most terrible problem is that people in poor countries don't know about investment and they try to keep cash for their retirement. I know many people who collect dollars because our national currency frequently inflates against the dollar and they think that the dollar is a very strong asset, they completely ignore that the dollar inflates too.

Retirees in developed nations, having the mindset of being self-reliant financially, will consider inflation as the most alarming issue. Inflation can greatly affect the lives of retirees who are wholly dependent on government pension funds or have failed in business and did not accumulate any significant wealth. This may prompt people from these developed countries to migrate to developing countries with a lower cost of living. Furthermore, one thing that many individuals in poor nations lack knowledge of is investment. Many individuals tend to keep money at hand without considering the effect that inflation would have on the value of their money. While others may opt to keep dollars as they are considered to be less volatile, it’s not known to all that even dollars might suffer from inflation. This is why education on financial management and investment is crucial for people to learn how to mitigate the adverse effects of inflation and better plan their retirement.

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Inflation will become more serious for retired people but I think that now a days people are not setting at a home without doing a job after retirement and they are regularly in search of finding new opportunities.

Inflation is not only big threat for retired people but those who have salaries are not satisfied with their salaries so may be in near future new technologies will arises which will help individuals to earn in a better way.

To find a solution of coming hard situation due to inflation if one make investment then it can help him to live a better life without doing a job

Yatsan

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It is a challenge for everyone so what more with retired people recieving a fixed amount in every month? And this is already at the present; we will be needing that number of yours to see it, just open our eyes. Price of goods are becoming more expensive and to most of the third world countries wherein adjustments in salary takes long to reflect, it is clearly a challenge to make a living out of this problem.

Quote from: Strongkored on April 13, 2024, 12:13:30 AM

Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

Not only a problem for those who have retired but almost in all people who do not want to invest as soon as possible, thinking by work will be able to meet all needs including desires forever, even though they can lose jobs or if they continue to work, inflation will make all needs increase in price and slowly become it is difficult even just to meet the main needs because salary increases are not comparable to the increase in food and others.
This problem will increase in the future specifically for poor and developing countries, and also for people who do not want to invest, because only investments can help us to defeat inflation.

Actually, what I am seeing now is young professionals having two or more jobs in order to catch up or adjust with inflation. This is just how bad inflation is; imagjne getting home from work and will be needing to do more, just to maintain a certain lifestyl you freely do before. Investments could be a huge help only if it would really be profitable and as we all know, things doesn't happen instantly and easily given how risk is present to all of investments. Unfortunately, I cannot also see that things will still be aided even in the future. Third world countries might even stay in such position due to economy's circumstances.

shield132

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

Inflation is always a big challenge for retired people, especially in developed countries with the mentality that parents should leave alone and their sons and daughters should leave separately. In developed countries with this mentality, retired people, who didn't manage to build a business and collect a huge wealth, and those who depend on government pensions, will be seriously affected by inflation, it will be a huge challenge for them. That's why many people from such countries move to cheap countries.
The most terrible problem is that people in poor countries don't know about investment and they try to keep cash for their retirement. I know many people who collect dollars because our national currency frequently inflates against the dollar and they think that the dollar is a very strong asset, they completely ignore that the dollar inflates too.

joniboini

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Quote from: Wexnident on April 13, 2024, 02:37:45 AM

There's definitely going to be people who's going to let their money be affected unknowingly though since there's probably at least 2-3 out of 10 people that wouldn't know how inflation works in the first place.

In my country, it feels like everybody knows their wealth will decrease if they don't save or invest in one way or the other. The current trend for young workers is having a dream to move to the countryside and build a home over there since the price is cheap. I believe most people have more or less the same dream right now, considering how expensive homes or apartments are in big cities. The problem is the lack of job opportunities in the countryside, but most of them plan to work from home after they enter retirement. So while inflation is not well understood, at the very least most of them have plans to look for cheaper alternatives or actively look for jobs with higher payments every two years or so.

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Inflation will present its own challenges, and it is possible that for those who rely on pension funds to meet their needs, with prices of basic commodities continuing to increase, they will have difficulty making ends meet. Unless they have other income, such as having an investment or business that can be relied on and generate profits.

But it's not too late, at his advanced age and with all the limitations that exist, perhaps at that age it will be quite difficult for him to earn money, especially if he has to work relying on physical strength. Regardless of the amount of pension funds he receives, and all the needs that must be met. In situations like this, living frugally and being willing to set aside a little money to start investing is the solution. because at least by investing, he will have a small advantage to face challenges in the future. Even though there is a child, who might be able to rely on it, I think being able to have our own income is much better, rather than depending on other people for our lives, even if it is our own children.

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

I mean if we just based it on the past then yea. It's also painfully obvious due to how much the older generations keep on emphasizing how "when I was your age I already had a house and a car" type of talk which almost always happened with family gatherings in the past. Ofc this assumes that the money they receive from outside sources isn't protected from inflation, e.g. just sitting in their bank with no purpose whatsoever.

There's definitely going to be people who's going to let their money be affected unknowingly though since there's probably at least 2-3 out of 10 people that wouldn't know how inflation works in the first place.

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

I like your first statement that acknowledges the plague of inflation on the retirees, there is nothing good about inflation, except for those who are using the advantage to make more money. Inflation affects everybody no matter what they do, especially times they are no more earning so much from the government or their old employees (depending on the country). In this sense, they would feel it much to the point that they wish they had done things differently when they were young. Even if these people plan for their retirement very well, inflation will devalue the money they saved in decades, which is very bad.

You can imagine in my country, if I view this roughly on average, the retirees who had saved for more than 30 years would have their money devalued by more than 1000 now. This is pathetic and speaks of a country that never plans for its future. Going forward, of course, it would be worse because I have not seen anything rising in price in my country that reverses itself anymore.

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

and because it is important for retirees to prepare themselves as best as possible to face economic difficulties. when they work, they should be able to set aside some of their money for investment and savings. and then after they receive the compensation money (in my country this is usually received before retirement) they can use it to build a business, whether it's an MSME or reinvest in the market if they don't want the hassle of running a business. In this way, retirees can fight inflation in their country.

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

Not only a problem for those who have retired but almost in all people who do not want to invest as soon as possible, thinking by work will be able to meet all needs including desires forever, even though they can lose jobs or if they continue to work, inflation will make all needs increase in price and slowly become it is difficult even just to meet the main needs because salary increases are not comparable to the increase in food and others.
This problem will increase in the future specifically for poor and developing countries, and also for people who do not want to invest, because only investments can help us to defeat inflation.

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Well, this sort of depends on what their money is in. Just because people retire, doesn't mean that they get all their saved money in cash form, it is still in investment. Meaning, they do start to eat from it, so it is going to go down, but if they saved enough, and put it in a good enough thing, their money will actually go up every month even though they will withdraw money from it.

Imagine putting a million dollars into bitcoin today, even if you start to spend it, you are not going to finish it in 10 or 20 years, and most probably, the money will be even more by the time you pass away. This is why I believe that if they saved enough and if they invest smartly then we are not going to end up seeing anything major changing at all.

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Inflation surely will be a big problem to retired people who have no retirement benefits because everyday that passes inflation rate is increasing and the value of the currency is being reducing so if proper planning is not taken inflation is a big problem in the future to retired people

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Quote from: krishnaverma on April 11, 2024, 04:47:56 AM

It is already causing lot of problems for retired people. How much will this problem intensify in future ?

If inflation has become so bad then saving is of no use anymore.

Retirees should instead go look for other assets that would not devalue their money compared to if they just put it in the bank for savings. Unfortunately in time of inflation, everything else goes up which might affect the cost of living of these retirees.

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After retirement, a person's salary becomes half and the everyday expenses become higher and he can not fulfill it. These people experience a lot of hurdles in their lives as they are already older and do have not much energy to do another job. So in this case a person who saves money before retirement and makes a good investment spends a good life. Saving money can make it less because of the devaluation with time so they need to invest it in a thing that can increase the value day to day like Bitcoin, gold, or starting a real state work. They are work that does not decrease its value perhaps they increase it every year. So this is a secure investment that can help you in the last days of your life and is better than to store your investment in fait.

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