Inflation is thought of in retirement planning, but most retirees do not consider how it will continue to increase even throughout their retirement. They say there is no rest for the wicked! For example, based on life expectancy, someone retiring between 65-70 should plan to life on average another 20 years. Assuming a rate of 3%, daily costs of living could potentially double within 20-24 years.
Inflation is thought of in retirement planning, but most retirees do not consider how it will continue to increase even throughout their retirement. They say there is no rest for the wicked! For example, based on life expectancy, someone retiring between 65-70 should plan to life on average another 20 years. Assuming a rate of 3%, daily costs of living could potentially double within 20-24 years.