Retirement and 401(k)

Inflation and Retirement

Rodney Brooks
April 4, 2022

In January inflation rose 7.5 percent, which was a 40-year high – fueled by strong consumer demand combined with pandemic induced supply shortages. Prices rose in several key categories, including food, cars, electricity and housing.

Inflation at any level is bad news for seniors and retirees, many of whom are living on fixed income.  Social Security increased 5.9 percent for 2022, but that does not keep pace with inflation.

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Authored By Rodney A. Brooks

TRAFOTFBThe author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.

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“Rodney A. Brooks’ ‘Fixing the Racial Wealth Gap’ is one of the best written and most prescriptive books I’ve read on this prickly subject. Using powerful stats, stories and insightful wisdom, it is written from the heart, mind, body and spirit … plus years of research and thought as a mainstream journalist, Fixing the Racial Wealth Gap is revealing, humorous, instructive and sobering.” – Dr. George C. Fraser

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