Retirees might want to consider stocking up on items during the busy holiday season while there are endless deals before things could wind up costing a lot more. President-elect Donald Trump has promised to enact a strict tariff policy on imported goods, and prices are expected to skyrocket for consumers.
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On Nov. 25, Trump wrote on his Truth Social Platform, “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders.”
In addition, Trump is planning a massive tariff hike for China. In a separate post on his Truth Social Platform the same day, he wrote, “We will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America.”
Finance experts predict the many things retirees count on will sharply increase in price. Here are four items that could get more costly for retirees in 2025.
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Millions of Americans depend on over-the-counter (OTC) medications for relief from the common cold to minor aches and pains, but soon, they might have to pay more at the register.
“Half of the medical drugs consumed in the U.S. are imported, and much of the raw material for the portion that is manufactured domestically is imported,” Per Sjofors, founder of The Price Whisperer (
) explained. “We don’t know what tariffs will eventually be put on these drugs and their raw materials, if any. If tariffs are imposed, drug prices will increase. Retirees will see this in the price increases on OTC drugs and in increased health insurance costs,” he explained.
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Items such as wheelchairs, blood pressure monitors and hearing aids will likely be more expensive next year, according to Jason Hishmeh, Varyence co-founder.
“Many of these products are manufactured or assembled in countries like China,” he explained, “If new tariffs are imposed on imports, the additional costs will likely be passed on to you, the buyer.”
Paying more for essential needs for retirees on a fixed income will be a big financial hit.
“Imagine that you need a new hearing aid and find out that it costs $100 or $200 more than you expected,” Hishmeh stated. “For retirees, many of whom are already facing rising healthcare costs, that’s no small feat. This may mean delaying a purchase or cutting back on spending in other areas.”
