The Daily Money: This is how Americans are coping with inflation
Brett MolinaTGIF, Daily Money readers! Before you rush off toward the weekend, not to mention the first day of October tomorrow, let's break down Friday's top headlines.
The biggest question for Americans when it comes to Social Security: When should I start claiming it?
You could claim early and hold off withdrawing money from other retirement accounts, or you could start drawing from retirement accounts now and delay claiming Social Security for the biggest benefit.
But here's the dilemma: what do you do when costs go up and the value of your retirement savings go down, as is happening now thanks to inflation?
'We're all trying to make it'
Everyday costs are going up, wages remain flat, and households are struggling to budget as inflation maintains its tight grip on the economy.
A recent U.S. Census Bureau survey found more than one-third of Americans said it was somewhat or very difficult to pay for household expenses.
The Fed is trying to curb inflation by hiking interest rates. However, the lower- and moderate-income Americans hit hardest by inflation must then grapple with the higher credit card debt and rising mortgage rates that come with the Fed's moves.
My USA TODAY colleagues spoke with Americans across the nation to learn how they are adjusting to this new economic reality.
We also want to hear from you. How are you coping with historic consumer prices? Fill out this form and share your experiences.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.
Follow Brett Molina on Twitter: @brettmolina23.