What You Can Do To Protect Your Retirement By Battling Inflation

Ways that savvy savers like yourself can protect their financial future!

Inflation can be a sneaky villain, trying to steal away your retirement savings without you
even noticing. But don’t worry – there are ways that savvy savers like yourself can protect
their financial future! Learn how you can fight back against inflation and defend the perfect
plan for your retirement.
It’s important to take steps now to protect your retirement plan. To start with – check out
the interest rate you’re getting at the bank! In 2021-2022 they’ve risen significantly which
means you could actually get a return from savings accounts and more. Don’t stay stuck
in an old deal if there are better options out there – chat with your financial advisor or
switch banks for a higher yield!
With inflation pushing prices higher, you don’t want to get left behind when it comes to
your salary. Don’t be shy about asking for a raise from HR – aim high and go for something
near the 8.7% cost of living adjustment set by Social Security this year so that your
income keeps up with the increasing costs in most industries! If you’re fortunate enough to
receive more money, use it wisely: resist impulse spending and lifestyle creep; think
smartly about how best to invest or save as much of that extra cash as possible while
times are tough.
Struggling to make ends meet? Consider putting the extra cash you’re making towards
knocking out your debt. If you want some breathing room, investing or building an
emergency fund are also good options. But beware: variable rate debts like lines of credit
and personal cards can quickly become more expensive as interest rates go up – so pay
those off first!
If you’re serious about saving for your retirement, now is the time to up your game –
because the IRS has sweetened its contribution limits in 2023. That means 401(k)s can
offer $22,500/year with a catch-up provision at age 50+; IRAs are good for an annual
maximum of $6,500 and a catch-up provision of$1,000 after turning 50; HSA offerings
have increased dramatically too: individuals get $3,850/year while families could receive as
much as $7,750 alongside another additional thousand dollars offered if over 55+. But
that’s not all! There’s also SIMPLE IRA allowance upped from last year ($15.5K annually
plus extra 3grand provided past fifty); defined benefit plans reaching sky high 265 grand
per annum and finally —definite contribution plan offering 66 K yearly… So don’t miss out
on this awesome opportunity – max those accounts before 2022 ends!
These are turbulent times, and the cost of living seems to be on a roller coaster. Don’t let
that stop you from planning for your future. Speak with a CPA or financial planner about
options like relocating stateside, exploiting tax advantages, timing income strategies –
even Roth IRA conversions! Taking proactive steps now can make all the difference later in
life so don’t miss out on this valuable opportunity to strengthen your finances!

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