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UPS Retirement Topics
Retirement and Inflation
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<blockquote data-quote="olroadbeech" data-source="post: 5144067" data-attributes="member: 52145"><p>Inflation should be one of the main factors way BEFORE you retire...</p><p></p><p>Buying good used items better than buying new. We have furnished our home with beautiful stuff from estate/yard sales for pennies on the dollar. Taking care of what you have better. Your cars . Perhaps growing some of your own food. Using no contract phone services , cut the cable cord , are just some ways to combat inflation.</p><p></p><p>Some things you can not avoid. property tax increases, dmv fees increasing , water and electric rates go up every year. Here is where planning for this eventuality is so important. </p><p></p><p>Even at an average 3% inflation rate everything doubles in 24 years. In a 6% inflation rate everything will double in just 12 years. </p><p>[USER=5382]@rod[/USER] has probably seen everything double in cost or more since he retired. Most of us can retire in late 50's or early 60's so we can have a lot of years left. </p><p></p><p>Honestly, I don't see how people who just live on social security can make it. My mother in law had to after her husband died. We sent money almost every month so she could make it.</p><p></p><p>We ( UPSers ) have multiple streams..pension, SS, perhaps IRA's and 401k's , paying off the house before retiring would be huge and we were lucky enough to do this. Even having a pt fun job would help some.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 5144067, member: 52145"] Inflation should be one of the main factors way BEFORE you retire... Buying good used items better than buying new. We have furnished our home with beautiful stuff from estate/yard sales for pennies on the dollar. Taking care of what you have better. Your cars . Perhaps growing some of your own food. Using no contract phone services , cut the cable cord , are just some ways to combat inflation. Some things you can not avoid. property tax increases, dmv fees increasing , water and electric rates go up every year. Here is where planning for this eventuality is so important. Even at an average 3% inflation rate everything doubles in 24 years. In a 6% inflation rate everything will double in just 12 years. [USER=5382]@rod[/USER] has probably seen everything double in cost or more since he retired. Most of us can retire in late 50's or early 60's so we can have a lot of years left. Honestly, I don't see how people who just live on social security can make it. My mother in law had to after her husband died. We sent money almost every month so she could make it. We ( UPSers ) have multiple streams..pension, SS, perhaps IRA's and 401k's , paying off the house before retiring would be huge and we were lucky enough to do this. Even having a pt fun job would help some. [/QUOTE]
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