Seniors to Win with Upcoming Fed Rate Hike

Well, OK, maybe not all seniors; but seniors who supplement their social security income with interest on their savings are likely to do well. Higher interest rates are bad for borrowers, but they’re good for savers. Raising of interest rates is largely being contemplated as a tool to stop inflation. To be sure, a 1/4 basis-point raise won’t increase the amount of money seniors get from their savings accounts, but it may well make global commodities (like oil) cheaper, which makes everything cheaper for those who aren’t paying interest.

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