Inflation and Your Retirement Plan – How to Cope with Rising Costs and Keep Your Savings Safe

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Discover expert strategies for protecting your retirement plan in times of high inflation, including tips for diversifying your portfolio and building a solid financial plan…

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Episode Summary:

Inflation and Your Retirement Plan – How to Cope with Rising Costs and Keep Your Savings Safe

Learn all about inflation, what it is, what's causing the current inflation, what the Fed is doing about it, and how we can protect ourselves and our own financial security during periods of high inflation.

What is inflation?

• Definition of inflation and how it affects the cost of goods and services.

• Examples of inflation in everyday life.

Causes of inflation

• Factors that can cause inflation, including an increase in demand, a shortage of supply, and government policies.

• Corporate wages and historically low unemployment as sources of inflationary pressure.

The Federal Reserve's policy on inflation

• The Fed's target rate of inflation.

• The policy of raising interest rates to slow down the economy and control inflation.

• The risk of raising rates too high too quickly and causing a recession.

• The Fed's ability to stimulate the economy by lowering interest rates if necessary.

Strategies for protecting yourself during inflationary periods

• The importance of having a financial plan that accounts for inflation on different types of expenses.

• The need for diversification and asset allocation in investment portfolios.

• The importance of not making big decisions based on short-term information.

Don't make big decisions based on short-term information. The economy is fundamentally sound, and the Federal Reserve's monetary policy is designed to help stabilize it. With a solid financial plan and a diversified investment portfolio, you can protect yourself and your family during periods of high inflation.

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Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.