Are we excited at this news? I don’t think my wallet agrees with these stats. Maybe it is because we are paying increased prices on the general living items we shop for weekly. When the extra money comes in, the shopping pulls it out again.
There has been chatter amongst financial peoples recently regarding the average retiree who is going to need an additional $1,300 per year just to cover the cost of the increased food prices we are experiencing now. So does this mean that we are earning more now, but when we are older and ready to retire, we will probably have to pay out extra just to live comfortably and eat well? Should we be saving this additional 1.2% increase in earnings to ensure that we can still afford to eat fresh fruit and vegetables after 65. Who knows how much extra we will be needing to live on when we are at that age.