(WHTM) — Inflation and rising prices are taking their toll on everyone, but they are hitting senior citizens living on fixed incomes especially hard.

“They rely on social security, they rely on Medicare, they have savings and investments that are very dependent on how the stock market performs,” said Chris Orestis, president of Retirement Genius.

Orestis says even though the stock market can be a real roller coaster ride, you have to be smart about when you decide to get off.

“I’ve seen it happen time and again where seniors will panic, they’ll sell investments, lock in those losses, and then they’ll miss the upswing. They’ll miss the gains that come that will get their money back and maybe even make more as the market keeps going up, so ride this out as best you can,” Orestis said.

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In the meantime, there are things you should be doing right now like watching your credit card spending — with higher interest rates, it’s going to cost you more to pay off those purchases.

“At a time like this, if you can pay down debt, particularly focusing on things like credit card debt, that’s going to be a smart move. It’s going to save you money,” Orestis said.

There are also some perks to being a senior citizen that you can take advantage of, like senior discount programs at restaurants and grocery stores.

“Once you get into your mid-50s, but particularly you start to cross over into your 60s, you’re going to start to see a lot of senior discount opportunities out there, but it’s important that you ask for them, that you look for them. They’re not always going to volunteer them to you,” Orestis said.

Another tip: rethink your budget. “Track your money on a daily basis for one month. Look at how you’re spending literally every penny. What are you spending on? Coffee, groceries, tools, entertainment,” Orestis said. “You’ll be surprised at where all your money is going.”

As far as social security and Medicare, Orestis says seniors can look at what they’re getting for entitlements, and they should remember, “If you qualify for social security, you can start taking social security at the age of 62, but if you wait every year up until the age of 70, what you would lock in for a monthly benefit will increase. The government is going to incentivize you to wait to take your social security benefits.”

Be sure to pay attention to the open enrollment periods for Medicare to make sure you’re getting the benefits that meet your needs. Finally, and most importantly, stay calm.

“The American economy is the biggest economy in the world, the biggest economy in history, and you can’t turn it on a dime. Be patient, don’t panic, make smart moves with your money,” Orestis said.

One more tip from Orestis for seniors needing money: you may want to look into a reverse mortgage or selling a life insurance policy.