A study by the American Psychological Association shows what 61% of Americans are most stressed about.
“Inflation rates will significantly affect retirement funds,” says Michael Jeffcoat, Founder and Attorney at The Jeffcoat Firm in Columbia, South Carolina. “With the supposed interim inflation rate of 6% made permanent, retirement savers will have to explore riskier investment vehicles that yield better returns. Remember: pre-pandemic inflation rates were just under 2%. A 6% inflation rate indicates that the average cost of living may likely double in the next 8 to 10 years.
You can’t just sit back and let the world happen to you. That’s the ultimate capitulation to stress. It’s better to take on the philosophy so often employed by Captain James T. Kirk: “The best defense is a good offense.” Take action before the action takes you. “Retirement savers should explore investments that yield higher profits,” says Jeffcoat. “Millennials in their 30s or 40s can shift to equity funds since they generate a conservative APR of 10% to 12% per annum—doubling the current inflation rate. Meanwhile, older adults close to retiring might want to consider less risky options. Look into investment vehicles that outperform the current inflation without much market volatility. Assume a more conservative risk tolerance.
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