Quote from: shield132 on Today at 05:31:10 PM

Quote from: krishnaverma on April 11, 2024, 09:47:56 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.