What You Can Do To Protect Your Retirement By Battling Inflation

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!