“Each dollar today buys less than the same dollar did 10 years ago. Which is why a lot of financial advisors are so focused on helping clients grow their money over time. It's not to become wealthy and die with the most money, it's because the cost of living goes up over time.” - Stephanie

Our hosts Stephanie McCullough and Kevin Gaines demystify the often-frustrating world of inflation and its daily impact on our wallets. They dive into how rising prices sneakily erode your purchasing power and why this is a crucial consideration for your financial plans, especially when eyeing retirement. Stephanie and Kevin shed light on how personal spending patterns can differ from the inflation rates reported in the news, making it essential to tailor your investment strategies to your unique lifestyle.

They also explore the intricate dance between inflation and interest rates, breaking down how the Federal Reserve's moves can affect everything from your savings account to your mortgage rates. As they transition to retirement planning, Stephanie and Kevin bust the myth that retirees should play it ultra-safe with their investments.

Learn why incorporating growth assets like stocks is critical to outpacing inflation and ensuring long-term financial security. Plus, discover the benefits of flexible spending and part-time income to make your retirement savings last longer. Don’t miss this insightful episode packed with practical advice for safeguarding your financial future.

Key Topics:

• Inflation, its Definition, and its Impact on Personal Finance (02:19)
• How Inflation is Measured and its Impact on the Economy (03:45)
• How Inflation Impacts Retirement Planning + Mapping Financial Projections (11:34)
• Inflation, Retirement Savings, and Investments (22:33)
• Retirement Planning and Accounting for Inflation (29:59)

Resources:

• Take Back Retirement Episode 15: What Women Need to Know About Social Security
• Take Back Retirement Episode 82: Getting the Most from Social Security: Smart Strategies for Women with Heather Schreiber
• Take Back Retirement Episode 60: What Women Need to Know About Annuities
• Take Back Retirement Episode 7: Here’s a Secret: We’re Guessing, and That’s OK

If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com

You can find the transcript and more information about this episode at www.takebackretirement.com.

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