Johnson said the Senior Citizens League has launched an online petition advocating for a $1,400 stimulus check for older and disabled Social Security beneficiaries. She said the group initiated its outreach to Congressional leaders early in October and continues its lobbying efforts to get an emergency stimulus that will help beneficiaries deal with the impacts of inflation.

Advisors interviewed by Financial Advisor said clients are keenly aware of inflation.

"We are getting more calls about inflation and the market than proposed tax changes,” said Sandi Bragar, partner and managing director in planning strategy and research at Los Angeles-based Aspirant, which manages $14 billion in assets under management for high and ultra-high-net-worth investors. “I don’t want to say that clients aren’t concerned about taxes, but their focus is on what is happening right now. We have lots of conversation about what we can do to help.”

“Right now, we are really focusing clients on inflation to make sure they aren’t leaving too much money in cash,” Daren Blonski, co-founder and managing principal of Sonoma Wealth Advisors said. Outside of emergency savings, “needlessly sitting on cash amounts to an automatic 4-5% haircut as a result of inflation."

David N. Bize, an advisor at First Allied in Oklahoma, said he is advising clients that inflation is real but may revert to lower, more manageable inflation in the not too distant future. “So don't panic, but do delay major and non-urgent purchases for six months or more. As an example, plywood sheets were $18 pre-pandemic, jumped to $75 and then dropped to $36, which is still not to pre-pandemic price, but is headed in the right direction. Have patience,” Bize said he tells clients.

Staff writer Tracey Longo contributed to this story.

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