But how do you measure inflation's effects on your retirement?

Calculating their monthly Social Security Benefit payments is the most common way to measure inflation's effects on a person's retirement. If the cost of living increases faster than the rate at which benefits are increasing, then retirees will receive smaller Social Security checks over time as a result.

Your retirement savings may not last as long as you think. We are seeing record high inflation that has not existed for over 40 years.

This is inaccurate. According to The Bureau of Labor Statistics, the annual inflation rate was 1.5% in 2016 and 2.0% in 2017. These rates have been relatively consistent throughout the past few decades, despite fluctuations yearly due to economic conditions.

But with the July report from the BLS, Inflation is now at 9.6%.

To Learn More about the harmful effects of inflation, read: https://www.goldhillretreat.com/economy/inflation/how-to-protect-your-retirement-savings-from-inflation


Increasing Medical Costs can drain your retirement savings.

It's no secret that medical costs are rising, and this trend is only expected to continue. According to a report from Bankrate.com, the average American household will be affected by escalating health care costs in their lifetime at an estimated cost of $17,654. That doesn't even include coverage for long-term care! Even if you're not planning on leaving money to your heirs after you die, there's every reason why increasing medical expenses could quickly deplete any savings.