Today’s Prep:
Everywhere you turn there’s a headline about inflation but what do you need to know about what’s going on? Eric weighs in on the recent numbers and what you can do about it.
Equipping Points:
The CPI numbers came out recently showing the increased prices and inflation. Inflation hits retirees a lot harder than people that are working. When you’re working, you’re getting some promotions, raises, cost of living increases. When you’re retired you’re typically living on a fixed income though. To find out if you are ready to face inflation, Eric has a white paper called, Inflation in Your Retirement: Are You Prepared for Rising Costs? outlining the details.
Looking at the recent numbers from March, gas has gone up 48 percent! How did we get here? There are a number of factors that led to this going up even before everything happening with Russia. Fuel prices are affecting everything as it impacts transportation and therefore the price of goods.
Even though there is all this inflation, people are still spending the money. Because the government has infused so much money into the system, people have the money to spend. Right now, many companies are still doing well from an earnings standpoint if they have the raw materials. Without the supply, they aren’t able to make the sales.
For inflation, you have to have growth on your dollars, and the place to do that is in the stock market. But if the market is a little rocky, you need to be able to pull your dollars from safer places. Worried you’ll run out of money? For Eric’s clients, they have safe accounts that are linked to the upside of the market.
Listen to the entire episode to hear more about today’s inflation or skip ahead using the timestamps below.
0:46 – What is happening with inflation?
3:00 – Gas is at the top of the list.
5:32 – Used cars are up 36 percent.
6:46 – What is happening with the market?
7:59 – How do you combat inflation?
Today’s Takeaway:
“Inflation hits retirees a lot harder than people that are working. When you’re working you’re getting some promotions, raises, cost of living increases, but when you’re retired you’re typically living on a fixed income.”
-Eric Peterson
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