When calculating what’s required for retirement, not only do you need to consider how inflation will erode your purchasing power, but you need to remember that people are living much longer which is another factor when creating your retirement plan.
John Maynard Keynes, one of the most influential 20th-century economists and the founder of the International Monetary Fund (IMF) offered a powerful reminder on the impact of inflation when he said, “By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”
Data pulled from the Bureau of Labor Statistics government website. Results are calculated using yearly average inflation numbers.
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