October 29, 2021

Effects of inflation

We all know the cost of goods and services rises over time.  Single postage stamps that cost 85 cents just 3 years ago now cost a dollar.  The same thing has happened to virtually everything we purchase.  This is what we call “inflation” – a sustained rise in the cost of goods and services over time.  It also means that the purchasing power of a dollar decreases over time because you need more and more dollars to buy the exact same goods or services.  This has important implications for your savings; especially in your retirement years.

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