WEST DES MOINES, Iowa — Last month, inflation in the U.S. hit nearly 8%—a 40-year high as the Dow Jones pulled back from it's high earlier this year.
It's a situation Steve and Jill Struve are watching closely. That's because retirement is just around the corner.
"Next 10 years, for sure," Steve said.
The Ankeny couple says they have a plan to get there.
"We're in a really good place as far as what we have saved," he said.
But watching the economy take a turn can be nerve wracking.
"Oh, I can't." Jill said. "I said we work too hard for our money. And so it's hard to watch that number go down when you've worked so hard."
For others across the country, it causing them to change plans.
A recent survey by the Nationwide Retirement Institute showed that more than one in 10 people surveyed said they had either considered postponing retirement or had already done so.
And some retirees are getting back into the workforce.
"And there's a couple different reasons for that. One is the fear that comes with increased costs of goods and services," said Loren Merkle, founder of Merkle Retirement Planning. "The other thing that we've seen is because the markets have decreased people's 401(k) and IRA balances so there's nervousness that is created based on both of those different things."
So what can you do to weather these uncertain times?
Merkle said it's important to have a plan.
"Whether you're working with somebody or you do it yourself, having a written plan showing you here's where you're at now, here's where you need to go, and here's some of the hurdles that you need to to overcome as you get from A to B—that is a really powerful thing," he said.
Merkle also said dips in the market can have an upside.
"Some of the advantages that this market volatility can present is the market goes down, and we call that a discount, so it's not necessarily a bad thing," he said.
Steve and Jill suggest developing some good spending habits early.
"Start being mindful of what are you spending. Do you really need to be spending on that?" Jill advised.