Retire Wise | June 2025

While a recent retirement industry report finds most retirees are living the lifestyle they envisioned, more than half of those surveyed say they are choosing to spend less due to worries they will run out of money.¹

The 35^th Annual Retirement Confidence Survey, the longest running report of its kind, also found that retirees are concerned about potential cuts to federal government programs for retirees, such as Social Security and Medicare. Concerns about Social Security were especially notable, as nearly all retirees surveyed rely on Social Security as a source of income in retirement. Health care costs remain a concern, with about 2 in 5 retirees saying health care expenses have been higher than expected in retirement.² 

Whether you’re nearing or in retirement, there are steps you can take to help alleviate concerns about a shortfall in retirement income, starting with the following.

If you’re nearing retirement:

• Take advantage of catch-up contributions in your retirement plan, including the new super catch-up contribution for workers ages 60 to 63 who have a chance to contribute an additional $3,750 to their employer-sponsored retirement accounts, for a total catch-up contribution of $11,250 in 2025.
• Pay down as much debt as possible before you retire.
• Work with a financial professional before claiming Social Security or pension benefits to help optimize these and other sources of guaranteed income in retirement.
• Meet with your financial professional to discuss options for funding long-term care (LTC) expenses, including standalone insurance policies and annuities with LTC riders.

If you’re living in retirement:

• Create a detailed retirement budget to track income and expenses, understand spending patterns, and identify areas to cut back or adjust.
• Ensure your investment portfolio is optimized to manage risk and return aligned with your goals and timeframe.  
• Explore ways to restructure your income sources to shift a portion of financial risk and provide a predictable income stream throughout retirement. 

To learn more about strategies for generating a lifetime income in retirement, call the office to schedule a time to talk.

¹ ”35th Annual Retirement Confidence Survey Reports Worker Confidence Unchanged, While Retirees Feeling Better,” 24 APR 2025, EBRI.org, https://www.ebri.org/media/press-releases/content/35th-annual-retirement-confidence-survey-reports-worker-confidence-unchanged--while-retirees-feeling-better.

² Ibid.

5 Ways to Save More at the Grocery Store Now

When it comes to consumer confidence, eggs prices continue to take center stage. According to the U.S. Bureau of Labor Statistics, the average price for a dozen Grade A eggs finally began to decline in April, after reaching a record high in March of 2025.¹ Despite recent dips, egg prices remain stubbornly high, along with a number of other grocery items putting a strain on consumers’ wallets. Rising manufacturing costs, supply chain disruptions, and corporate profits are among the reasons food prices, which are up 31% since 2019, remain elevated. Higher tariffs on some imported foods are expected to further fuel cost increases.² So what, if anything, can consumers do to rein in costs and stay on budget?

While making ends meet has become increasingly difficult for consumers across the board, it’s particularly challenging for those trying to manage costs on a fixed income in retirement. Below are five ways to help take the bite out of high grocery prices:

1. Take advantage of senior discount days. Most large grocery chains and some local and regional stores offer a senior discount once a week, enabling older shoppers to save as much as 5% to 10% on their grocery bill.
2. Scan weekly flyers for sales on the items you regularly buy. If you have the extra space, stock up on items that freeze well, along with non-perishable foods, and supplies, such as bottled water, soda, paper towels, laundry, and cleaning products.
3. Clip those digital coupons! Digital apps have made it easier than ever to save more at your favorite stores. By setting up online accounts at the stores you frequent the most, you can clip coupons on your phone, laptop, or tablet, before you head out to the store or while shopping.
4. Plan weekly meals ahead. Planning meals ahead can save time and money. you will make in the days ahead. Going to the store armed with a list of the items you need can also reduce impulse purchases, which can add up quickly.
5. Don’t knock generic brands – at least until you try them. In many cases, store brands are simply private-labelled products from the brand name manufacturers you already know, minus the marketing costs.

¹“U.S. egg prices fall for the first time in months but remain near record highs.” 14 MAY 2025,NPR.org,https://www.npr.org/2025/05/14/nx-s1-5397827/egg-prices-drop-inflation-bird-flu.

²“After Years of High Prices, Will Tariffs Reignite Food Inflation?” 13 MAY 2025, Nerdwallet.com, https://www.nerdwallet.com/article/finance/price-of-food.