When Pamela Pommer sees how much her retirement funds have dropped in value, she tries hard not to panic.
The retired human resources administrator instead put off window and driveway repairs and may get a roommate to help make her retirement funds last a bit longer while inflation and the stock market run amuck.
"I stress," said Pommer, 68. "My Social Security only covers half of my average annual expenses."
The Bloomington resident is among the thousands of retirees and soon-to-be retirees doing what they can to navigate historic 9% inflation, rising interest rates and a brutal bear market — all while living on a fixed income.
Nearly 830,000 Minnesotans receive an average of $2,116 a month in Social Security retirement benefits.
Many fear their retirement income is not enough.
Only 22% of 60- to 67-year-olds felt they had saved enough for retirement, Schroder Investment Management found in its annual U.S. survey.
Their biggest worries? Soaring prices. Staggering health care costs. And the slumping stock market.