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And some seniors and near-retirees just might be putting some money in FDIC insured CDs, now that interest is going up.

Bingo! If mortgage rates, and other loan rates were around 7%, and retirees could get around 5% on CDs, it would unleash billions that are being hoarded by retirees right now.

With rates so low for decades, retirees have been unable to live off the interest of their savings, instead being very frugal to hold onto as much money as possible, knowing they were going to have to live off the savings without interest.

Of course one can put money in things other than CDs, but few folks take the time to learn about them.

Reasonable interest rates, rather than the artificially low ones of the recent past, while seeming to hurt for a while, in the long run will help the economy.

We're on the same page. I'm in my early 70s and unlike most of my peers can follow the stock market well enough to have a small account and do recreational training. But at some point in life (except for the very wealthy or those with full government pensions) cash rules. If one my age takes out up to 5% a year, it lasts more than 20 years (some years not taking out a full 5%, plus whatever interest.) There has to be enough cash so that now 5% is an adequate supplement....risk is a mistake. Beyond that, play a little in the market.

I hope people have had "the conversation" with their parents. There are situations around here where the grown kids thought the house was an asset....they never knew it was reverse mortgaged! And they should be paying for those life insurance policies the parents got years ago. Many of those old policies have a whole lot of value, and it's gone if the folks can't afford the payments.

I wish Economics were taught like it used to be. I've run into "financial advisors" who like to give us old folks free fancy prime rib dinners and then sell us an annuity because we're too feeble to manage our money, or whatever. I always raise my hand and ask one question: "Do you know the rule of 72"? It's astounding how many don't!