To Learn More about the harmful effects of inflation, read: https://www.goldhillretreat.com/economy/inflation/how-to-protect-your-retirement-savings-from-inflation
The economy is one of the most talked about subjects nowadays. But how do you measure its effects? And more importantly, how can you use this information to your advantage? In this video, we will discuss the three main ways that you can measure the economy and how they can help you in your personal life.
We hope that this video has been helpful and that you will find it useful in your day-to-day activities. As always, if you have any questions or comments, feel free to leave them down below!
But how do you measure inflation's effects on your retirement?
Calculating their monthly Social Security Benefit payments is the most common way to measure inflation's effects on a person's retirement. If the cost of living increases faster than the rate at which benefits are increasing, then retirees will receive smaller Social Security checks over time as a result.
Your retirement savings may not last as long as you think. We are seeing record high inflation that has not existed for over 40 years.
This is inaccurate. According to The Bureau of Labor Statistics, the annual inflation rate was 1.5% in 2016 and 2.0% in 2017. These rates have been relatively consistent throughout the past few decades, despite fluctuations yearly due to economic conditions.
