“A major challenge for seniors is that housing and health-care costs go up much more than 2 percent a year,” said Tim Seifert, vice president and head of annuity sales at Lincoln Financial Group. “Longevity and inflation are two of the major challenges that face retirees. People on a fixed income are hit hardest by inflation.
“People should sit with an advisor to put together a well-balanced plan. They need to put together a plan that creates income above what Social Security pays, which is where we come in,” he added.