You hear it all the time: You should make sure your retirement savings at least keep pace with inflation. But what is inflation, and how does it really affect your retirement savings?
In simple terms, inflation is defined as an increase in the general level of prices for goods and services. Deflation, on the other hand, is defined as a decrease in the general level of prices for goods and services.
If inflation is high at, say, 10% (as it was in the 1970s), then a load of bread that costs $1 this year would cost $1.10 next year. Listen for more.
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