"Future cost expectations for seniors has reached a tipping point and I fear that many are not prepared for an increase in inflationary pressures."
Radnor, PA (PRWEB) June 23, 2015
MAY 2015 Release:Rappaport Retirement Index, RRI
The month-over-month reading shows that inflation doubled for that time period for seniors. Back to back months of large increases in gasoline prices accounts for the majority of the gain. Gasoline prices rose 10.7 percent for May and those living on a fixed income have little recourse but to cut back on other expenditures.
Medical Care costs also rose but had less of an effect on the increase than last months reading.
"Although core inflation remains subdued, seniors do not have the luxury of not purchasing gasoline and medical care and therefore the core data is not useful in planning future expenditures for this vulnerable group. Future increases in Social Security and increased income from expected higher interest rates will not be enough to offset the increased costs for the elderly." said H Craig Rappaport, creator of the Rappaport Retirement Index and the president of Rappaport Wealth Management.
"If this trend continues, seniors that have not planned will find themselves looking down the barrel of a future with less free cash flow than they had planned."
The Rappaport Retirement Index is a new inflation index for retirees released monthly to provide better financial planning replaces the CPI-U (Urban) as the main inflation tool.
Retirement Specialist and Accredited Wealth Management Advisor H Craig Rappaport, using statistical data and guidance provided by the Bureau of Labor and Statistics, releases the Rappaport Retirement Index.
For several decades, the baby boom generation has been preparing for retirement. The Rappaport Retirement Index is the first inflation index for financial planners, retirees and soon-to-be retirees needing to know how to plan and invest to create and accurately calculate their retirement income needs.
The Department of Labor has gathered inflation data for the elderly and calculated an inflation index for this group for over 25 years but does not release the results. It is called the Consumer Price Index for the Elderly. The Rappaport Retirement Index uses the data to calculate a forward looking and useful index for real people doing real planning and having to live with the consequences of their actions.
H Craig Rappaport, the author of Live Long Live Rich -Creating Your Retirement Paycheck and President of Rappaport Wealth Management, is available for interviews Specializing in retirement, Rappaport has appeared in the Wall Street Journal, Fox News, CNN Headline News, Bloomberg, The Dow Jones News Service as well as many television shows, magazines, newspapers and can be heard on the radio daily.
For questions or interviews: 1-610-293-8005 or at Craig(at)rappaportwealth(dot)com
