Is your Financial Advisor addressing Inflation?
The Bureau of Labor Statistics determines the amount of inflation by checking on the price of a basket of goods and comparing those prices to other years. The difference in those numbers determine the inflation amount if any. But let’s face it do we really need the government to tell us that prices are going up? Everyday we go to the gas pump and to the grocery and retail stores and we feel it directly in our pockets. We know that at the rate the government is printing money there is a good chance inflation will continue to rise. What is your financial advisor doing to offset Inflation on your retirement plan? Taking on more risk in the market in order to increase returns is not always the answer. Your advisor telling you to contribute more money to your investments when money is already tight for many people may not be a realistic option. Many advisors lose sight of the things they can actually control to help fight inflation, without you taking on any additional risk or taking more money out of an already tight budget. In reviewing your plan they should be looking at ways that can help you reduce costs on your investments, Insurance premiums, taxes, and much more. If your financial advisor can save you 10% on your taxes and/or fees how easy is it to make that same 10% in the market? This is where a financial advisor that is truly working with you as a team member will look outside the box to make sure that whatever goal you are trying to hit will be achieved. They should sit down with you and take the time to review your entire budget. You will be surprised where a good financial advisor can find money that you didn’t even know you had.
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