The Fed's easy money policy has undoubtedly put the U.S. economy on firmer footing. Rock-bottom interest rates contributed to the recovery in the housing market and bolstered investors' appetite for stocks, among other benefits.
But the central bank's long-running stimulus program also exacted a toll on millions of American retirees.
For years now, retirees, who tend to rely heavily on savings and favor bonds as an asset class, have been saddled with paltry rates on Treasurys and on certificates of deposit, money market accounts and other savings vehicles.
And now that the Federal Reserve is paring back its massive bond-buying program, many retirees are bracing for more volatility in the bond market as rates climb from historical lows. When interest rates rise, bond prices generally decline and vice versa.