The year 2020 has been… educational. To get some context, let’s think for a moment, about the “good ‘ol days.” To be honest, I never liked when my parents talked about these “good ‘ol days,” but maybe there’s something to learn. Let’s just step back in time for a moment…
It’s the year 1950. The price of food and consumer goods is very different:
- A gallon of milk costs $0.82.
- A gallon of gas costs $0.20.
- Loaf of bread costs $0.14.
- Postage stamp costs $0.03.
- Sirloin steak costs $0.77 per pound!
According to the 1950 US Commerce Department and US Census:
The average car cost: $1,510
The median home price: $7,354
If you to help your family, or grandkids with college, check this out:
In 1950, the cost for the University of Pennsylvania was $740 per year, for room, board, and books! Today, it’s thousands more!
Prices certainly have changed due to inflation and economy evolution. Preparing for the slow change of prices is critical to retirement planning, if you want to live your ideal lifestyle once you have retired. If you plan to leave a legacy behind, you need to plan for that too.
Monetary inflation will erode your lifestyle and your legacy if you don’t plan for it.
Simply put, if your retirement is going to last longer than two dozen years (the average future life expectancy for a 60-year-old), you may see the cost of your lifestyle DOUBLE during those two dozen years.
Think what that means for you. And your children and grandchildren!
Inflation erodes your freedom… unless you put it inflation to work!
Beating the power of inflation requires the right mix of predictable income, safe money, and growth-oriented investments.
Is your retirement engine finely tuned to put inflation to work for you, protect your lifestyle, AND grant you freedom throughout your retirement?
We want to help you put inflation to work. Please reach out to us today: