Many people are feeling the day to day impacts of significant inflation and it’s important to look ahead for any way you can possibly minimize these impacts in the future. You may be relying on your retirement for 20 or 30 years or longer, so having strategies that allow you to accumulate as much as possible now and also to pivot in the future in the event that your strategy is not accomplishing what you need is extremely important.
Speaking with a dedicated estate planning lawyer can help you to craft comprehensive plans to address these issues. When it comes to looking ahead and being aware of the possible impact of inflation, here are some things to consider:
- Invest in assets that helped to maintain your purchasing power over the course of time. For investors who are relatively young, a stock heavy portfolio or inflation protected commodities and bonds may be beneficial.
- Avoid holding too much cash in checking and savings accounts to pay for everyday expenses. You will be able to purchase fewer services and goods each year with your cash, so it is better to invest these.
- Evaluate the possibility of delaying Social Security payments. Your payment will increase for every month that you can delay taking your Social Security payments between the ages of 62 and 70 and up until age 70. If you do not need these funds immediately, you can increase your cash flow by pursuing this strategy.
Coordinate your retirement planning and your long term care planning by working with a talented estate planning lawyer in Virginia Beach, VA.