May 2021 - Millstone Financial Group

Rising Costs in Retirement: Are You Prepared?

In 1960, a gallon of milk cost 36 cents, and today it costs $3.35 on average.[1] Inflation is to blame, and we could see higher inflation in the coming years. It’s important to have a sense of how much you’ll need to spend in retirement, […]

How Much Do You Need to Save for Retirement?

While $1 million is sometimes cited as the ideal number for retirement savings,[1] this assumes a one-size-fits-all approach to retirement planning. Everyone’s retirement goals are unique, and preparing for retirement might not be as simple as saving a certain amount at all. We believe it’s […]

Have You Factored Inflation into Your Retirement Plan?

We’ve seen increased government spending due to COVID and significant increases in government debt. Some economists theorize that this could lead to increased inflation, and many claim that we are already seeing the effects. Although the official inflation rate may remain low for now, you may notice […]

2021-05-10T11:18:44+00:00May 10th, 2021|Economy, Financial Planning, Retirement Planning|

Prepare for Taxes On Your Retirement Accounts

The Biden administration already plans to spend $1.9 trillion on COVID relief and has plans to spend trillions more on infrastructure projects, Medicaid expansion, education, and climate investments. In order to fund these projects, the administration has proposed several tax-increasing measures on corporations and individuals. You may […]

2021-05-03T03:23:15+00:00May 3rd, 2021|Retirement Planning, Taxes and Tax Planning|
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