TIMC Wealth Advisors of Las Vegas aims to provide insight on how to overcome impacts caused by inflation and position your retirement for success.
Rising inflation can quickly diminish savings set aside for retirement. In the worst case, the nest egg that was once thought to be suﬃcient enough can dry up even faster with varying impacts caused by inflation and other varying factors.
Retirees are faced with rising costs across the board. From healthcare to prescription drugs, the budgets that were once constructed for success are now being burdened with rising inflation, leading many to rethink how they will change their day-to-day spending and overall outlook on the years ahead.
According to RegisteredNursing.org, and data compiled by the U.S. Department of Health and Human Services, yearly health-related spending for retirees is about double what is paid from ages 45-64. Worst of all is the cost of prescription drugs. Data gathered via a survey conducted and reported on by The Segal Group estimated that the price paid for pharmaceuticals would double in the ten years from 2011 to 2021, a statistic in which many retirees are now presumably impacted by.
Assuming a long and healthy retirement, is the current savings trend enough for Americans looking to head into the golden years with ease? There was a long-standing rule that for a 30-year retirement you will need enough money set aside, so that your first year of retirement spending equals four percent (4%) of your total savings. This may no longer be the case with inflation, which begs the question: “How does one outlive savings in retirement?”
With American retirees spending hundreds of dollars more per month, and stretching budgets beyond what is feasible, there are ways to overcome inflation-related negative impacts in retirement, without delaying retirement altogether.
TIMC Wealth Advisors consults and helps position financial and retirement strategies for success by reviewing risk tolerance, retirement investing vehicles, and retirement income options. Utilizing some of the best options and products available in the market, such as 401ks, IRAs, and annuities, the team at TIMC Wealth Advisors can assist in overcoming tax burdens in retirement, while working to provide more income throughout your golden years.
No matter the stage of life you are in, now is the time to plan for your retirement. By providing wealth strategies beyond the ordinary, factors like rising healthcare costs, inflation and taxes can be combatted with a firm that aims to provide investors with stability, growth, and income. needs to be accounted for and incorporated into your overall plan and it’s never too early to devise a strategy.