The better news is that it is never too late to invest in retirement. With your long retirement period it makes sense to remain active in your financial planning and long-term investing since time gives your money the opportunity to compound and grow. But along with many opportunities for financial planning, come many obstacles such as limited sources of income, outpacing inflation, receiving inheritances, and estate planning, to name a few. Inflation is the rise in the cost of products and services over time. We all know that a dollar is still a dollar, but its purchasing power is less than it used to be and will be even less in the future.
Inflation effects all products and services.
Inflation is one of the main reasons for investing IN retirement. We are all affected by inflation. Your race against it has already begun. In order to be prepared for inflation and the challenges that it creates, you should consider developing a financial plan that includes financial products that will historically outpace inflation like equities and equity mutual funds. You're in a race with inflation.