Many Americans realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether. With all the information available about retirement, it is sometimes difficult to decipher what is appropriate for your specific situation.
Today we’ll address Inflation:
If you think you have accounted for every possibility when constructing a savings goal but forget this vital component, your savings could be far from sufficient. Inflation has the potential to lower the value of your savings from year to year, significantly reducing your purchasing power over time. It is important for your savings to keep pace with or exceed inflation.
More information on Personal Inflation Rate
Look for our post tomorrow on Social Security.
San Diego Wealth Management is a boutique wealth management firm dedicated to helping our clients preserve and grow their wealth. We offer a variety of financial services but specialize in wealth management, asset management, wealth transfer strategies, income strategies and providing financial planning services. Please contact us with any questions that you may have.
The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2014 Emerald Connect, LLC