RIO GRANDE VALLEY, Texas (ValleyCentral) — With the U.S. economy shifting, people are wondering what this means for their retirement plans. Financial experts said even though inflation is at an all-time high it’s still a good time to think about retirement.
“We always have to start slow and in small amounts, try to make the goal to save $100, once you get to the $100, then go to the next goal of $200,” said Teo Sepulveda an Economist at South Texas College.
Sepulveda said even though food and gas prices are hitting record-high numbers, it’s still possible to save. He also adds with interest rates going up will work in our favor.
“We can actually start putting money in our bank accounts, our savings accounts, and so on and we can start earning higher interest rates than before, we used to make less than 1% now they’re going to go above that,” said Sepulveda.
Other financial advisors share that if you are looking to open a retirement plan, it’s important to talk to your employer before doing it on your own.
“Check with your employer to see what they offer, if they don’t, if you have to do it on your own talk to a financial advisor and they are going to help you figure out what’s most appropriate for you,” said Cecilia Valle, a Financial Advisor at Edward Jones.
Valle said saving for retirement is a long-term goal that people have full control of.
“Just focus on what you can control, you can control your portfolio you can control what you’re contributing, you can control all of those goals that you have for yourself,” she said.
Financial Advisors add that young adults should also look into starting a retirement plan. They said adding even a little amount today can double in 10 to 15 years.