#5 Inflation- 10 Things You Need To Know To Plan Your Retirement Income

Inflation is the 5th topic in our 10 part series. Inflation is a key factor to consider when planning your retirement fixed costs.

Here are some things to take into consideration on the topic of inflation:

• Inflation is paying more and getting less. When it comes to how much money to put aside for retirement, consider your spending habits and monthly regular purchases. 15 years down the road at retirement and you are on fixed income, simple things like milk and bread are going to cost more than they do today, meaning you’ll be spending more money for less goods.
• Many people decide to purchase a long-term care policy.  In that decision remember if you wait to purchase the cost will be about 30 to 40 percent higher than it is today.
• Include an inflation percentage in your retirement planning process.  The average rate changes each year; refer to a inflation rate calculator for the most accurate percent.
• Many retirees expenditures are exposed to higher inflation rates. This includes healthcare, co-pays, prescription drugs, etc.  Expenses that will come out of your fixed income. Planning ahead with inflation factored in will put you and your family in a better position in your retirement years.

Tune into Bruce’s show on Tuesday for the 6th part of the 10 things you need to know to plan your retirement income series.

 

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