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Roy Gagaza on Asset Planning During Times of Inflation

With year-over-year inflation hitting 8.5% in 2022, the highest in 40 years, Roy Gagaza understands that many retirement individuals may be concerned about protecting their assets during this challenging time. Though the inflation rate has returned to a lower level, markets are still shaky. For this reason, it’s important to continue protecting assets when making plans for retirement, trust, and estate purposes for the future. Here’s a quick look at how Mr. Gagaza approaches asset planning during these challenging times.

Roy Gagaza on Asset Planning During Times of Inflation

The first aspect that Roy Y. Gagaza recommends that asset planners consider is that they may not be able to lean on Social Security income as heavily as expected. Social Security Cost of Living Adjustments (COLA) are made annually and may not be adjusted if it is determined that the cost of living has increased. With the decision usually made sometime in October, recipients won’t see the COLA increase until late January, if at all. This means that many retirees who depend on this income will still have to pay the increased cost of living in the meantime, often for many months at a time. Since inflation began to be a problem in early 2022, many retirees are handling the balance between their old cost of living and the inflation that has raised that cost to a new high, with no chance of getting their money back. To increase the amount received in a monthly check, it may be necessary to put off retirement a few more years so that the funds you receive will help cover your expenses.

Another consideration Roy Gagaza considers is the type of assets you’re investing in for your golden years while maximizing your retirement savings. In many cases, you’ll want to look at insurance products such as fixed indexed annuities and fixed annuities to protect your assets during periods of inflation. Though they may not grow as quickly as other financial products, they are safe and will provide a level of growth that should be able to keep up with inflation as the Fed raises interest rates. Similarly, you’ll want to take advantage of maximum savings amounts for retirement.

Roy Y. Gagaza also counsels his clients to look at shifting some market based investments to fixed indexed annuities. This move makes it easier to protect your assets as you plan your retirement, estate, and trust. Because fixed indexed annuities are an insurance contract, you will not lose your purchase payments or previously credited interest if the financial markets go down.   They can put you on a solid track to saving successfully for retirement, protecting your bottom line and your ability to retire in a timely fashion.

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