Many years ago, my financial planner stated that it is not the amount of money you have when you retire that is important but the ‘purchasing power’ your money preserves. Ah… sounded good, but I wasn’t worried. That issue was far from my thoughts and even farther down the road.
However, many years later it is a different story. That dubious statement regarding purchasing power has a bit more meaning to me now. Slowly, and almost undetected, the price of food increased even though I am buying for one, the cost of insurance premiums went up–way up, and the darn property taxes went through the roof even as I downsized from eight rooms and an acre of land to four rooms and no land.
Ok, so now it is time to Embrace the Change and develop a solution to cope with the continual cost increases. And, where shall I start? Monitoring the difference between needs and wants.