Inflation Is Rising Faster Than Your Income: What Now?

We’ve all heard reports about wages staying relatively stagnant year after year. This news is depressing, especially as we face an increasingly uncertain future, with astronomically rising healthcare costs and zig-zagging financial markets. We are doing our best to save money and prepare for the day that we’ll no longer be working, but what happens if inflationary forces eat away at our savings and leave us in financial peril? The truth is that there are steps we can take now to secure our financial future and create a strong buffer against inflation.

The Best Strategy to Adopt when you Find Inflation Rising Faster than your Income:

  • You need a hedge against inflation: When inflation is on the rise, you cannot count on your bank to keep your savings from losing its value. You need an investment that will be separate from the financial markets, not beholden to them. You need a hedge against inflation.
  • You need a secure place to put your retirement savings: If you’re worried about your spending power becoming eroded by inflation, you can’t count on Wall Street to help you retain your spending power. In fact, Wall Street is the antithesis of a secure investment. You need an investment option that is stable and earns you a steady rate of return.
  • You need assurances you’ll have enough money to last you the rest of your life: The scariest thing about inflation is that it’s impossible to predict how much worse it will get over your lifetime. When you’re retired and no longer earning an income, you need to know the money you’ve saved will be enough to last you the rest of your life. You need to know your money will keep working for you, providing you with a steady flow of cash to last you the rest of your life.
  • You need to minimize your spending and debt: While there are strategies you can take to protect your income, you also want to take steps to curb your spending and eliminate your debt. The more money you have, the farther you can make it stretch.

The one investment product that acts as a hedge against inflation, secures your retirement savings, and gives you financial independence for the rest of your life is a whole life insurance policy. With a whole life insurance policy, you can provide yourself with a steady cash flow for the rest of your life.

For more information about how a whole life insurance policy can protect you from destructive inflationary forces, visit Paradigm Life today!

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