Inflation can pressure a fixed budget, but there are tools to help
The inflation rate hit a 41-year high in June, and retirees may feel the unpleasant consequences while walking down supermarket aisles or the line at the pharmacy.
The cost of food has jumped as a result of inflation. The price of eggs has risen almost 33% in the last year, while chicken is 17.4% more expensive and milk and butter are nearly 16% pricier. Americans are also stressing out about the price of gas, watching the price at the pump tick higher while they fill their tanks up. Healthcare costs steadily climb year after year, especially for retirees who may have more medical expenses than their younger counterparts.
For prescriptions, GoodRx and WellRx are two sites that compare prices and check for discounts. Users enter the medication they need, as well as an address or zip code, and they can find the lowest prices or possibly even coupons. Retirees with Medicare should also look for ways to lower their prescription costs, such as asking about generic drugs and mail-order pharmacies.
Retirees can also compare prices for groceries. Basket is an app available for Android and Apple iOS phones that shows nearby stores and how much various items cost.
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