Back in 1982, inflation was just over 10%, but 10-year bonds were paying 14% and a 6-month CD hit 15%. So while people were being hit hard by the increased prices, people who had saved for a rainy day - and particularly retirees living on their savings - could protect their money from the erosion of inflation.
Today, savings rates pay squat, and savers are watching inflation eat into their savings. At current rates, retirees will have lost more than 20% of real money within three years.
Today, savings rates pay squat, and savers are watching inflation eat into their savings. At current rates, retirees will have lost more than 20% of real money within three years.