Ep 313: The Other Inflation

My Smart Retirement

We’ve enjoyed very low inflation in recent years but there’s a lot of concern about how much that could change in the immediate future.

There’s no question that it’s a legitimate concern and one that you need to be addressing within your retirement plan. As inflation rises, your money loses its buying power which means you likely need to build a bigger nest egg.

On this episode of the podcast, we’re going to talk about the other factors that will be impacting your bottomline. It’s not just the increase in the cost of goods that will limit the amount of money you’re able to keep in your own pocket. There’s also the other inflation that hits us squarely in the wallet and that’s taxes.

Let’s think about taxes on top of inflation. Not only do you get the rise in costs but then you have added tax to pay because of the increase in price. Over the course of a year, all these things add up to the point where it’s important to be paying more attention to this.

If you live in Arizona, you’re probably aware of some recent tax proposals but Nancy is going to update you on what’s been happening and share a few stories about local decisions. We often get caught up in national politics but what’s happening closer to home makes a much bigger difference in most cases.

So as we move forward, we want to make sure we’re not only paying attention to our bottomline but also pay attention to other increases that are happening. Are they useful? When you’re working towards a retirement budget, these added costs and fees can have a major impact.

Check out the full episode or use the timestamps below to hear a specific segment.

1:13 – Lessons learned from childhood

3:30 – Taxes

4:40 – Nancy shares a story about local taxes

9:07 – Inflation

12:04 – ‘If you can dream it’ story

14:01 – Staying on track for your goals

15:21 – Arizona sales tax

16:45 – Nancy shares opinion on tax bill

19:41 – Planning

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