Understanding What Drives Higher Prices Can Help Improve Retirement Planning

According to the Employee Benefit Research Institute’s 2024 Retirement Confidence Survey, 83% of workers are concerned that the higher cost of living will make it harder to save as much as they want toward retirement. If you’re like most retirement savers, you’ve likely had concerns over the rising cost of living over the past few years. And for younger workers, it’s the first time you’ve experienced an elevated inflation rate as an investor.

By Nikki Young, CFP^® | Financial Advisor
 

You may be able to reduce your tax liability if you consider adopting these tax strategies before year’s end.

By Nikki Young, CFP®
Financial Advisor

Many middle-aged Americans (generally age 45-65) are behind in their retirement savings. If this is you, you’re not alone. According to a 2023 Vanguard study, workers between the ages of 45 and 54 years old had a median 401(k) account balance of approximately $142,069, well below the commonly recommended target of six times your annual salary by aged 50.