Economy

There’s been a lot of news about inflation lately. As of July, the inflation rate was around 3.2%.[1] This means that the cost of goods and services, including but not limited to items such as groceries, housing, and gas, has gone up by 3.2% since this time last year.[2] You might think 3.2% is a pretty small number, and maybe you haven’t noticed a huge jump in the costs of the things you purchase every day. So, how could such a small number be important to your savings and your retirement? We’re going to give [...]

Inflation has been a hot-button issue in finance and politics lately. You may have noticed changes in inflation yourself if you went to buy something and it was much more expensive than you expected. Eggs are a great example of this. In 2022 the price of eggs went up by 59.9% due to an outbreak of avian influenza. Another factor was the pandemic, which caused disruptions to supply chains across the globe, causing inflation and increasing prices.[1] A few other reasons include shortages in labor, high consumer demand, and the war in Ukraine causing specific [...]

In 1960, a gallon of conventional whole milk was 31 cents, and today it’s $4.21 on average.[1] A few dollars might not seem like much, but that’s a 1,258% increase! Now that we’re seeing high inflation, the buying power of your money – including your retirement savings – could be seriously impacted. When calculating how much money you need to retire, consider what you’re left with after inflation. The Value of Money Over Time When you think about the fact that almost everything you buy is increasing in price, inflation is a major concern. The [...]

There’s no doubt that people have been feeling the effects of inflation on their wallets. Everything from food to gas to home repair products seems to be increasing every day. Federal Reserve Chairman, Jerome Powell, is taking inflation very seriously, raising interest rates to combat the explosion of inflation. And although the moves have made an impact, the Federal Reserve noted that inflation is stickier than it had predicted.[1] This is all to say that inflation may be here to stay. You might be thinking, “What can I do to mitigate the effects of inflation [...]

Are you feeling shocked at how expensive your regular expenses are? Well, you’re not alone. Many Americans are feeling the burn as the price of daily goods increases due to stimulus checks and supply chain shortages. As the economy gets back on its feet after the COVID-19 lockdowns, inflation will likely stick around. However, inflation isn’t affecting all goods equally, meaning some spending sectors will see greater price increases than others. Let’s dive into what exactly these goods and services are so you can best prepare to avoid their high costs. Travel The cost of [...]