Let’s Talk About Inflation
July 7, 2022
Inflation affects us all, especially those in retirement as they are forced to stretch their savings even further. “For retirees on a fixed income that’s a big problem, particularly with gas, food, rent, and energy costs skyrocketing. The Federal Reserve is beginning to raise interest rates in an effort to rein in inflation, but the impact won’t be felt right away.”1 The federal government also uses inflation as a benchmark when deciding to increase contribution limits to qualified retirement plans or raise monthly Social Security benefits.2
While we ourselves can’t change the rate of inflation, here are some steps you can take to protect yourself from its impact:
1. Make a budget
“A budget will help you see where your money is going and help you stay on course to not overspend.” 1
2. Boost cash flow
“That can come from reducing expenses or supplementing your income.” 1
3. Check out what benefits you’re eligible for
“There are more than 2,500 benefit programs nationwide covering everything from food to income assistance, according to the National Council of Aging.”1
4. Revisit your investment strategy
“If you have a pension, 401(k) plan, or investment account, now is the time to conduct a checkup to ensure it’s optimized and diversified to withstand an inflationary environment.”1
We are here to help you make the most of what you’ve worked hard to save. Contact us to help develop a strategy so inflation has less of an impact on your financial future.