An announcement last month that the Social Security administration was raising the cost-of-living adjustment for recipients was welcome news for many. While the average retirement benefit will only increase by around $50 in January, every extra dollar helps. This is especially true for seniors and older adults, many of whom may be reliant upon Social Security and retirement savings. But are there other income sources that seniors can benefit from, too?In 2023, many have turned to gold investing.
Specifically, gold can also:Hedge against inflation: One of the major reasons why gold interest has taken off this year? That's due to its ability to buffer against inflation. Gold tends to hold its value and will often even rise in price when inflation is elevated and interest rates are high. Considering the uneven performance of other assets during similar circumstances, then, it's understandable why so many have turned to gold for help.