My Smart Retirement

A lot has changed since last year. On today’s episode, we’ll be discussing the current state of the economy and how we can protect our plan as we look forward into 2022.  Taxes Taxes are the big elephant in the room. We see politicians changing tax rules quite a bit. The advantage we have this year comes with the midterm elections. We probably won’t see tax hikes before the election.  Spending  If we look at the economy, a large percentage comes from spending. As a way to stimulate the economy last year, stimulus checks went out to Americans. Going forward, it doesn’t look like spending will slow down. Consumer net worth has actually increased. Power has also shifted back to employees through the Great Resignation. However, inflation is still going to have a big impact, especially when compared to wage growth.  Inflation  Inflation has hit historic highs of over 7%. Inflation may be peaking soon, but we have to remember that doesn’t necessarily mean we’ll see prices go back down. They could stay where they ar