How to Save and Plan During Inflation

Are you set up well to face all of the inflation we’ve been experiencing? What’s to come?

With inflation soaring, the Fed is planning to make aggressive moves to slow the economy with rate hikes. If the Fed is being aggressive, how aggressive should the retirement saver be with their plan? Brian says to be aggressive about saving and conservative about your assumptions.

Really look at the numbers of what you need to live on, because ultimately, that’s what it comes down to. Do your homework and find out how much you need to live on. This is everything from food and gas to haircuts and vacations. Knowing how much you’re spending helps make a better retirement plan and ensure you have the money you need for as long as you live.

Think about a home project or renovation. It always seems to take more time and money than you think you need. Similarly, with retirement, you probably are underestimating just how much you’ll spend. Between inflation or healthcare costs, you don’t want to later realize you don’t have as much money as you thought you had. A good financial advisor will walk you through the projections and help you understand if you are really ready to retire or not. Brian says inflation is destroying America’s purchasing power. If you’re about to retire, make sure you talk with someone who is realistic about what kind of expenses are to come and what risks you may face with your current plan.

Listen to the entire episode or skip ahead using the timestamps below.

Honest Takes:

[0:12] – How aggressive should a retirement saver be about their plan?

[4:31] – Just like a home project, add in extra time and money past what you think you need.

[7:30] – Inflation is the number one problem right now.

Today’s Truth:

“The retirement saver needs to be very aggressive and conservative at the same time: aggressive saving and very conservative with their assumptions.”

Brian Bowen


The Host:

Brian Bowen – Contact