Retirees may want to consider stocking up during the busy holiday season when there are endless deals before things run out and become more expensive. The President, Mr. Donald Trump, has promised to enact stricter tariffs on imported goods, and prices are expected to rise for consumers.
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On November 25, Trump wrote on his True Social Platform, “On January 20th, as one of my first many Acts, I will sign all the necessary documents to pay Mexico and Canada a 25% Tariff on All products coming into the United States. , and ridiculous Open Borders.”
In addition, Mr. Trump is planning a big increase in tariffs on China. In another post on his True Social Platform the same day, he wrote, “We will charge China another 10% Tariff, on top of other Tariffs, on all of their many products that come to the United States of America.”
Financial experts predict that many things for retirees will increase significantly in price. Here are four things that could become more expensive for retirees in 2025.
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Millions of Americans rely on over-the-counter (OTC) medications for relief from coughs to minor aches and pains, but in the short term, they may be paying more for prescriptions.
“Half of the pharmaceuticals consumed in the US are imported, and most of the products produced within the country are exported,” said Per Sjofors, founder of The Price Whisperer (
) explained. “We don’t know what type of drugs and their equipment will be installed, if any. When taxes are imposed, drug prices go up. “Retired people will see this in the increase in the cost of OTC drugs and in the increase in health insurance costs,” he explained.
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Things like wheelchairs, blood monitors and hearing aids will likely become more expensive next year, according to Jason Hishmeh, Varyence co-founder.
“Many of these products are produced or assembled in countries like China,” he explained, “If new tariffs are imposed on imports, the additional costs can be passed on to you, the consumer.”
Paying more for the basic needs of retirees than a fixed amount will be a big financial hit.
“Imagine you need a new hearing aid and realize it costs $100 or $200 more than you expected,” said Hishmeh. “For retirees, many of whom are already facing rising health care costs, this is no small thing. This may mean delaying purchases or reducing spending in other areas.”