How Inflation and Rising Healthcare Costs Are Impacting Your Retirement in Tulsa

 Tulsa, Oklahoma is known for its reasonable cost of living, but even here retirees and those nearing retirement are feeling the pinch of rising expenses. If you’ve noticed your grocery bill creeping up or the cost of a night out in Brookside isn’t what it used to be, you’re not alone. Inflation and healthcare costs have been on the rise nationwide, and Tulsa seniors are experiencing these challenges firsthand. In fact, recent surveys confirm that inflation eroding savings and unexpected medical bills are top concerns for. It’s a tricky one-two punch: everyday prices are higher, and the costs to keep ourselves healthy in retirement keep climbing too.

The Squeeze of Inflation on Your Wallet

After years of relatively low inflation, the past few years have brought the highest inflation rates in decades. From the gas pump to the grocery store, prices have jumped, which is especially tough on retirees living on fixed incomes. Your dollar just doesn’t stretch as far as it did in Tulsa even a few summers ago. Some people approaching retirement have even postponed their retirement plans because of. Imagine thinking you were all set to retire, only to find that your budget now needs to cover 8% higher prices than last year – it’s a real wake-up call. For retirees, this inflation surge means having to withdraw more from savings for the same expenses or cut back on some fun extras. It’s a reminder that even in a city with a moderate cost of living like Tulsa, the cost of living can swing upward and affect your retirement comfort.

Healthcare Expenses Keep Rising

Hand-in-hand with general inflation is the steady rise in healthcare costs. Medical expenses in retirement are a big deal – and they’ve been going up faster than regular inflation in many cases. Even with Medicare, retirees often face premiums, co-pays, and medication costs that add up. On average, retired Americans now spend about 14% of their monthly income on healthcare expenses, and that’s money straight out of your pocket for things like doctor visits, prescriptions, and hearing aids. Over a 20- or 30-year retirement, these costs can really stack up. One study projected that a healthy 65-year-old today could spend roughly $300,000 on health care over their retirement – a staggering figure that might not even include long-term care. For Tulsa retirees, rising healthcare costs might mean tough choices, like delaying a procedure or trimming other parts of the budget. It underscores an important point: good health isn’t free, and you need to plan for these expenses so they don’t derail your retirement dreams.

Planning Ahead to Combat Rising Costs

The good news is that with a solid plan, you can navigate these challenges. This is where a comprehensive retirement plan comes in. Rather than hoping inflation won’t hit you or assuming Medicare will cover everything, it’s wiser to build these assumptions into your plan. Here are a few ways smart planning can help you stay ahead of rising costs:

• Budget with Inflation in Mind: Work with the assumption that prices will keep rising a bit each year. This way, your retirement income strategy (from Social Security, pensions, or your investments) can be designed to keep up with the cost of living.

• Plan for Healthcare Expenses: Make healthcare a line item in your retirement budget. Consider things like Medicare Supplement plans, long-term care insurance, or a health savings account (if you’re still eligible to contribute) to prepare for out-of-pocket medical costs.

• Invest for Growth and Income: Ensure your retirement portfolio has a balance of assets that can grow over time. This helps your savings outpace inflation so you maintain purchasing power, while also generating the income you need.

• Review and Adjust Regularly: A plan isn’t set in stone. Check in on your retirement plan every year and whenever life changes. If inflation spikes or healthcare costs jump, you can adjust your spending or investment strategy with the guidance of your advisor.

The Value of a Planning-First CFP® Partner

Tackling inflation and rising healthcare costs is a lot easier when you have a knowledgeable partner by your side. That’s where working with a CFP® professional can make a real difference. A planning-first approach means your CFP® isn’t just picking investments or selling products – they’re looking at your whole financial picture. They’ll help you project how much you’ll need in the future (factoring in inflation and medical costs), create a strategy to get you there, and keep you on track. For example, if inflation runs higher than expected for a couple of years, a planning-focused advisor will already have built in some cushion and can suggest tweaks so you stay confident in your plan. Similarly, they can help you understand your Medicare options and plan for big health expenses before they happen, so a surprise medical bill doesn’t throw off your retirement lifestyle.

Working with a CFP® in Tulsa who understands local living costs and has a planning-first philosophy means you get personalized, hometown guidance for these very real challenges. You’ve worked hard for your retirement – and you deserve to enjoy it without constant worry about prices at Reasor’s or the next doctor’s bill.

Ultimately, the key takeaway is this: Inflation and healthcare costs will likely keep rising, but with proactive planning you can protect your retirement dreams. Don’t let higher prices in Tulsa or scary medical stats get you down – instead, take action by planning for them.

Ready to put a plan in place? We’re here to help. Schedule a complimentary meeting to discuss your retirement goals and concerns – it’s as easy as clicking the “Schedule My Consultation” button. Let’s work together to make sure that rising costs won’t derail your retirement and that you can enjoy the Tulsa retirement you’ve envisioned, no matter what the economy throws our way.