On today’s Retirement Report we talk about how to invest to stay ahead of inflation, and why is so important to make a priority when planning for retirement. Hank is joined by Phil Kosmala with Taiber, Kosmala & Associates. Be sure to watch!…(read more)

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Inflation is the gradual increase in the price of goods and services over time, which erodes the purchasing power of your money. For retirees, this can be particularly concerning as it can have a significant impact on their fixed income, making it harder to maintain their standard of living over the long term.

Fortunately, there are strategies you can employ to stay ahead of inflation and protect your retirement savings. One such strategy is investing in assets that have historically outpaced inflation, such as stocks. Stocks have historically provided higher returns than inflation, making them a good way to grow your wealth over time.

Another strategy is to diversify your investment portfolio. By spreading your investments across different asset classes, such as stocks, bonds, and real estate, you can reduce the risk of losing money in any one investment and increase your chances of earning a solid return. Diversification can also help protect your portfolio against the negative effects of inflation.

Additionally, consider investing in assets that have intrinsic value, such as gold or other commodities. These assets tend to retain their value in times of inflation, making them a good hedge against rising prices.

It’s also important to regularly review and adjust your investment strategy to ensure it remains aligned with your financial goals and risk tolerance. As you near retirement, you may want to gradually shift your investments towards more conservative options to protect your savings from market volatility.

Ultimately, the key to staying ahead of inflation in retirement is to have a well-thought-out investment plan that takes into account your individual financial situation and goals. By being proactive and diversifying your portfolio, you can help safeguard your savings and maintain your purchasing power in the face of inflation.