Protecting Your Retirement Plans Against the Threat of Inflation: Expert Advice from B.O.S.S. Retirement Solutions
Are you feeling the squeeze of inflation on your retirement savings? You’re not alone. Inflation is a silent threat that can erode the value of your hard-earned money over time. As prices continue to rise, every dollar you’ve saved for retirement doesn’t stretch as far as it used to.
Ronald Reagan famously compared inflation to a mugger, an armed robber, and a hit man. And with the cost of everything from groceries to healthcare on the rise, it’s easy to see why. The impact of inflation is felt by everyone, but it can be especially devastating for those in or nearing retirement.
According to a recent study by Northwestern Mutual, only 9% of Americans feel that their household income is keeping pace with rising costs. That means 9 out of 10 Americans are struggling to stay ahead of inflation. And with more people worried about inflation now than in the past 20 years, it’s clear that this is a major concern for many.
So, what can you do to protect your retirement savings from the effects of inflation? Utah retirement advisors Tyson Thacker and Ryan Thacker of B.O.S.S. Retirement Solutions have some advice. They recommend planning to double your income every 20 years to keep up with inflation. And with Social Security checks losing nearly 40% of their buying power in the last couple of decades, it’s clear that relying solely on Social Security may not be enough.
The Thackers emphasize the need for a diversified approach to retirement planning, including assets like stocks, commodities, real estate, and tax-saving strategies. By building a multi-layered plan that accounts for inflation, taxes, Social Security, and more, you can help protect your retirement savings from the impact of rising prices.
If you’re looking for personalized advice on how to protect your retirement savings from inflation, the Thackers offer a free Retirement Tax-Savings Analysis through B.O.S.S. Retirement Solutions. This customized blueprint can help you navigate the challenges of retirement planning and ensure that your money goes further in retirement.
Don’t let inflation rob you of your retirement dreams. Take steps now to protect your savings and secure your financial future. Contact B.O.S.S. Retirement Solutions today to schedule your free Retirement Tax-Savings Analysis and start building a plan that can withstand the impact of inflation.
