The Effects of Inflation on Retirement
You’ve probably seen the headlines about inflation and how it is increasing the price we pay for everyday items like gasoline, food, and healthcare. But have you considered the impact inflation is having on your retirement savings? Social Security uses inflation as a benchmark to determine the cost-of-living adjustments it makes to monthly payouts, so beneficiaries can keep pace with inflation. This protects you from the negative effects of inflation over time. But the other elements of your retirement savings plan, such as 401K’s and most non-government pension plans, are not adjusted for inflation. That means the actual purchasing power of your retirement savings is being eroded over time… and you’ll need more money to accomplish your original goals.
Your financial advisor can help you adjust your retirement plan to take the effects of inflation into account and suggest some ways to preserve capital going forward. They can show you how a change in tactics can help keep your retirement plans on track. To find out more about how inflation may affect your retirement, call us today.
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