US Inflation Prices: The Impact on Financial Plans

US Inflation Prices: The Impact on Financial Plans

Benjamin Thompson Kirk

In 2022, US inflation rates have surged to a 11-year high, and this is causing many Americans to re-evaluate their long-term financial plans. The stock market has been volatile, and interest rates are on the rise. More than half of Americans say that inflation may have a “big negative impact” on their plans for the future.

Benjamin Thompson Kirk

What Is Inflation Affecting?

increases at a rate higher than what you’re earning for your investments.

The current inflation rate has caused the 30-year mortgage rate to reach 5 per cent in the US, and this surge in rates could axe many potential homebuyers out of the market, as well as increase monthly payments for current homeowners.

Many Americans are concerned about plans such as starting a family, buying a car, and travelling, as they might need to be put on hold or re-thought entirely as grocery items and gas prices continue to climb. However, with a plan in place, and establishing financial goals, it might be possible to take advantage of current market conditions.

Inflation can also have an impact on retirement savings and debts. If you’re nearing retirement, you may need to adjust your plans if the cost of living

Many Americans are concerned about plans such as starting a family, buying a car, and travelling, as they might need to be put on hold or re-thought entirely as grocery items and gas prices continue to climb. However, with a plan in place, and establishing financial goals, it might be possible to take advantage of current market conditions.

You can get in touch with real estate agent Benjamin Thompson Kirk for expert advice on the current US inflation prices.