As you calculate your retirement income needs, you’ll need to take inflation into account.
“It’s important to understand that the effects can be stealth. Inflation affects our purchasing power,” said Marguerita Cheng, CEO of Blue Ocean Global Wealth, a financial planning firm in Gaithersburg, Md. If you want to maintain your current standard of living in retirement, count on spending more over the years as the cost of living rises.
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