The rising costs of inflation and factors such as student loan debt, housing costs, and increasing auto prices, has made saving for retirement more challenging than ever. The pace of inflation is making it difficult for many Americans to save for retirement in a sufficient manner. In addition, there are many unqualified sources for financial guidance online, stemming from a multitude of various platforms. Unqualified information can lead individuals to make ill-informed decisions, possibly jeopardizing their financial future.

Below, we’ve highlighted some key focal points and resources that can help you make sense of current financial hurdles:

Helpful Tips/Resources for Saving

• Building a budget is more important than ever. A budget will assist you in navigating all your necessary expenses and plan for how to allocate any extra income leftover after your bills are paid. Having a savings goal directly in your budget can help ensure you are still saving for your future.
• Your retirement plan website is a great resource for quality information on saving for retirement as well as other financial wellness topics. Additionally, rising inflation puts a greater emphasis on the importance of allocating your investments for the long term. Most retirement plans have features that can help support the investment allocation process, to ensure you are aligned with a strategy that is generally suitable for your time horizon to retirement. Inflation reduces the buying power of money saved today for the future, but the potential for investment returns to grow and compound over time can help counteract this.
• If you do find yourself pausing retirement contributions, be sure to restart contributions as soon as possible. Retirement savings should be a top priority.

Check out our video portal for information on juggling student loans, buying a vehicle, and managing debt. With rising costs, it is important to strategically plan for large purchases. We want to assist you by providing access to information that can help you make informed financial choices.