#5 Inflation -10 Things You Need To Know To Plan Your Retirement Income
#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.
Interested in Learning More About Financial Planning?
At The Resource Center, we’re dedicated to helping individuals and families with their financial needs. Our purpose is to provide the tools you need to help enhance your financial wellbeing and help secure your future. With our financial planning services, our team will help develop a plan that diversifies your assets, is consistent with your level of risk tolerance and allows you to maintain your current lifestyle.
We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.
We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation. Our firm is not affiliated with the U. S. government or any governmental agency. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and The Resource Center are not affiliated companies. AW02181713