One of the biggest changes of the past year has been the record number of Americans who are quitting their jobs. It’s so pronounced that it has a name. It’s called “The Great Resignation.”

What The Great Resignation means for retirement planning is just one of the items on Christine Benz’ financial to do list this year. Another major area of focus is adjusting to much higher inflation. Consumer Prices increased 7% in December versus a year ago, the fastest increase since 1982 and the third month in a row that inflation exceeded 6%.

This elevated rate of inflation presents a big planning challenge. Benz, who is Morningstar‘s Director of Personal Finance, is joining us for the fourth year in a row to help us get in financial shape for a new year and will tackle these important changes among others.

WEALTHTRACK Episode #1829 broadcast on Janurary 14, 2021

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CHRISTINE BENZ

Director of Personal Finance
Morningstar

ACTION POINT

THINK TWICE BEFORE JOINING THE GREAT RESIGNATION MOVEMENT

Retirement tends to be longer and more expensive than most realize
Early retirement can put dent in retirement income
Self-employment drawbacks:
- Lack of a regular paycheck, benefits and matching 401k contributions
- Backup services including offices, supplies, tech support, etc. are expensive