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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
September/October 2017
Let's talk retirement Q&A
Q.
I’ve been reviewing various materials on setting retirement goals and have noted an emphasis on considering inflation when determining how much I need to save. What do I need to take into account when allowing for the effects of rising prices?
A.
You might barely notice the effect inflation has from year to year, but the cumulative impact over time on the purchasing power of your retirement savings may be quite dramatic. But there are ways you can try to minimize the effects of inflation.Inflation can increase the costs of various goods and services over time. Even if you expect to cut back on spending during retirement, inflation could continually increase the amount of income you’ll need each year.
You’ll probably want to plan for a retirement that may last 20 years or longer. Make sure to account for any extra expenses you may anticipate having. For example, your medical expenses during retirement may take up more of your income as you age and when you no longer have access to health insurance from your former employer.
Saving more for retirement is one way to combat the effects of inflation. By contributing more to your retirement plan (or other retirement savings account) and by carefully choosing your investments, you can help your retirement savings keep pace with inflation. Also consider increasing your contributions when you receive a pay raise.
To help account for inflation when planning for your retirement, you and your financial professional should consider:
- When you plan to retire
- How long you expect your retirement to last
- Potential pay increases
- Inflation from now until retirement
- Inflation during your retirement years
FINRA Reference FR2017-0427-0092/E 08/02/17
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