Here are three areas where smart strategies become even smarter when prices are rising.
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“Your best bet is stocks,” Gessner says. “Investing in equities is one of the best hedges against inflation that there is.” Even without inflation, though, financial planners say most people have better uses for their money than prepaying debt with low, fixed rates. Only after you’ve maxed out your retirement savings, built up an emergency fund and paid off all other, higher-rate debt should you consider making extra payments on a mortgage, for example.
The Social Security Administration increased this year’s benefits by 5.9%. The Senior Citizens League, an advocacy group for older Americans, forecasted an 8.6% increase in benefits next year. Also, delaying Social Security benefits could help middle-income people reduce their overall tax burden and leave them with more after-tax money to spend, Reichenstein adds.
Travel How to beat inflation during your vacation High prices are going to have an impact on your travel plans, here’s some ways to trim costs. Trinity Chavez has the details. Business News Major credit card mistakes to avoid when times are tough A few things in life are as satisfying as tapping and going, but watch it! When times are tough you may reconsider making these credit card mi…
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