No matter where you are on the retirement continuum line; years to go, almost there, or already retired, the current rise of inflation is a reason for caution…but not panic.
At One Financial Services, our team is here to assist you in making the best possible decisions to guide you through these times with a thorough review of your account. Depending on how close you are to retirement, you and your One Financial Services advisor may want to simply make a few minor adjustments or consider a more serious shift in strategy.
Don’t React Emotionally
The economy is cyclical. Prices, interest rates, and the markets, all rise and fall. Any chart or graph of the past thirty years will show that. But, when each time you drive past the gas station the price has increased, and each time you buy the basics at the grocery store it costs more than the week before, it’s hard not to worry. The important thing is to not overreact and not make emotionally based decisions. Your One Financial Services advisor will help you develop a solid financial plan to stay the course.
Be Aware of Income and Expenses
Often the simplest actions offer the best solutions. One of the best ways to get a handle on inflation is to monitor what you’re spending. When is the last time you made complete, comprehensive household and personal budgets? Doing so can be an eye-opening and worthwhile exercise. Perhaps the five dollars spent on that latte would be better added to a savings account.
While considering how to manage your outflow, also consider your income. Is there a way to increase your earnings? One of the ways to beat inflation is to out earn it. And if you do, be sure to save that extra income and invest it in your retirement plan.
At One Financial Services, we think of our clients like family. And like a family, we are here for you through the good times and the challenging ones. Please call your One Financial Services advisor for an appointment.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. No strategy assures success or protects against loss.