But how do you measure inflation's effects on your retirement?<br /><br />Calculating their monthly Social Security Benefit payments is the most common way to measure inflation's effects on a person's retirement. If the cost of living increases faster than the rate at which benefits are increasing, then retirees will receive smaller Social Security checks over time as a result.<br /><br />Your retirement savings may not last as long as you think. We are seeing record high inflation that has not existed for over 40 years. <br /><br />This is inaccurate. According to The Bureau of Labor Statistics, the annual inflation rate was 1.5% in 2016 and 2.0% in 2017. These rates have been relatively consistent throughout the past few decades, despite fluctuations yearly due to economic conditions.<br /><br />But with the July report from the BLS, Inflation is now at 9.6%. <br /><br />To Learn More about the harmful effects of inflation, read: https://www.goldhillretreat.com/economy/inflation/how-to-protect-your-retirement-savings-from-inflation<br /><br /><br />Increasing Medical Costs can drain your retirement savings.<br /><br />It's no secret that medical costs are rising, and this trend is only expected to continue. According to a report from Bankrate.com, the average American household will be affected by escalating health care costs in their lifetime at an estimated cost of $17,654. That doesn't even include coverage for long-term care! Even if you're not planning on leaving money to your heirs after you die, there's every reason why increasing medical expenses could quickly deplete any savings.<br />
