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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- Director of Personal Finance
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
- Buy Vanguard Short-Term Inflation-Protected Securities Fund (VTIPX)
VTIPX Total Return Level data by YCharts
Christine Benz from the WEALTHTRACK Archives:
Morningstar’s longtime Director of Personal Finance, Christine Benz never loses her enthusiasm for the job. She explains what keeps her motivated.