A financial advisor in Norwalk, Connecticut, John F. Davenport holds a bachelor of arts from the University of Notre Dame, an MBA from Fordham University, and a law degree from Pace University. He founded Davenport & Associates in 1997 and has written several books on wealth maximation and modern retirement strategies.
Many retirees worry whether the amount they are saving is sufficient, especially considering historic inflation rates. Many financial that people who plan for 30 years of retirement should have 25 times their annual spending in invested assets. This means that someone with annual costs of $50,000 should have $1.25 million in investments and savings to retire comfortably.
Rising prices make smart investments essential to a financial plan. An appropriate mix of bonds, commodities, and real estate investments can protect a portfolio from inflation, as can notable savings account with enough cash for emergency needs during an inflationary period. Retirees can also consider trading some bonds for dividend stocks and fixed-income securities. Delaying retirement is another way to protect against inflation, as retirement savings grow as long as the professional lives off wages rather than portfolio income.