BY GRACE G MCLEAN

IT’S not easy living on a fixed retirement income without careful financial planning.

There are many retirees who rely on fixed incomes in retirement. In some cases, they receive income from their monthly pension and NIS pension benefits while for others their only source of income is the NIS pension benefit or the social pension programme.

Without other sources of income, relying on a fixed income during retirement can prove quite stressful. It was reported in the press recently the plight of several retirees who encountered the “silent thief”, otherwise known as the thief in the night or inflation. The retirees robbed are now in their 80s and 90s. They were robbed of the purchasing power of their money. It was alarming that, after many years in retirement, they suddenly discovered that their monthly pension could no longer cover the cost of their groceries and utilities. One of the retirees reported that in just one month the value of his money had been eroded as his monthly pension could only cover the utility bills. The retiree lamented that the increase in utility bills has left seniors bereft of funds to pay for

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