November 28, 2021

Rising inflation should not be taken lightly | News, Sports, Jobs

Our winter season is approaching and a long cold winter is ahead. Most of us will survive it, many will appreciate it and others will endure it. But it will happen and it will end and summer will return.

Another phenomenal event is the changes in our economy. Due to many factors, we have entered a period of inflation. As a senior with all my years of income behind me, this inflation scares me terribly. The money we have managed to save over these 80 years, along with our retirement pensions, should provide us with a secure and comfortable retirement. However, inflation is a raging bull. You only have to decipher any history book to find what has happened many times, all over the world.

What might not seem bad now will be taking 6-10% of the value of your money each year, just like taking it out of the bank and burning it. It will then be 15%. Before long, we might be like Venezuela, where that $ 500,000 retirement account won’t pay even a month’s rent. Please don’t think that can’t happen here in America. It can and will be if we are not careful.

BRUCE WILTSE,

Alpena

The latest news today and more in your inbox


Source link