Could You Survive Now on Your First Job’s Salary?
When today’s 65-year-olds were 18, they made $1.25 an hour at their minimum wage jobs. Can you imagine trying to pay your bills now on that amount of money?
Yet, that’s exactly what today’s retirees would be doing if they didn’t consider how time and inflation could affect their savings. When it comes to the value of your long-term savings, time can be either your best friend or your worst enemy. Those retirees who live comfortably now knew they needed to place their money where it could grow faster than the inflation rate. Simply setting money aside is a great start, but it isn’t enough!
Find out more about outwitting inflation through FINRA’s excellent “Key Investment Basics”; you can download the file below!