South Carolina, US, 7th July 2022, ZEXPRWIRE, Inflation is on the rise, and the Federal Reserve has been raising interest rates in a bid to tackle it. That said, the impact of these measures is yet to be felt, and households are feeling the pinch.
According to Shari Mattingly Bevan,
The average American doesn’t have the same buying power they did ten years ago. People are starting to feel the pinch as prices for goods and services continue to increase while wages stay stagnant. To tackle this, households need to be proactive about their finances and ensure they do all they can to protect their assets.
According to Ms. Bevan, you might notice changes in your payments if you have a balance on a credit card or an adjustable-rate mortgage. Higher interest rates are starting to ripple through the personal finance landscape, and it doesn’t look like that trend will change anytime soon. The Federal Reserve has indicated it plans to keep raising short-term interest rates to help manage inflation, which is at its highest level in 40 years. As such, you’re likely to see the effects of inflation when buying gas or groceries, or shopping for a new or used car.
The Federal Reserve’s job is to control inflation. The Fed hopes to slow spending by raising interest rates. Time will tell whether higher interest rates will prompt us to consider changes to your portfolio. Remember, your overall strategy should consider that the economy will have transition periods.
Inflation can be a significant problem for people on a fixed income, such as retirees. However, you can take some steps to help offset the effects of inflation. One of the best ways to avoid such problems is by investing in assets that go up in value during inflation. Ms. Bevan suggests considering bonds issued by the U.S. government and earning a fixed interest rate plus a variable interest inflation rate adjusted twice a year. However, iBonds have certain purchase limits, restrictions, and tax treatments, so they generally play a limited role in your financial picture.
According to Bevan, another way to ride through inflation is to diversify one’s income sources so that if one source of income decreases, others will hopefully make up the difference. It is also vital to keep expenses low and avoid taking on debt. Additionally, it’s essential to be mindful of how inflation will affect your long-term financial goals. For example, if you’re saving for retirement, you’ll need to factor in the increased cost of living when determining how much money you’ll need to save.
Bevan Wealth and Tax Strategies offer a comprehensive suite of services to help clients achieve their financial goals. They consider various factors such as taxes, investments, and future needs to create a tailor-made financial plan for each client. Additionally, they are always up-to-date with the latest changes in the economic landscape so that their clients can make informed decisions about their money. Some services they offer include charitable giving, retirement income planning, and legacies planning.
Shari Mattingly Bevan is an experienced estate tax planner and lawyer. She has successfully handled countless high-profile legal cases and is a Chartered Financial Consultant (ChFC) and Chartered Life Underwriter (CLU). With her wealth of experience and knowledge, she provides clients with comprehensive estate planning services tailored to their individual needs. Whether developing a plan to minimize taxes, protecting assets from creditors, or preparing for the distribution of assets after death, she ensures that her clients’ interests are always at the forefront. Her dedication to her clients’ best interests has made her one of the most sought-after estate planners in the region.
Investment advisory services offered through Change Path, LLC, an Investment Advisor. Bevan Wealth & Tax Strategies and Change Path, LLC are not affiliated.
Company Name:-Bevan Wealth & Tax Strategies
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Prestige Standard journalist was involved in the writing and production of this article.