Inflation continued its onslaught, for retirement plans, to expand with the June 2022 CPI-W table increasing 9.8% from a year ago.
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Inflation is a dangerous threat to retirement - whether trying to save for retirement or being retired. Inflation reduces the real purchasing power of goods and services for plan participants and retirees. The rise in inflation especially hurts those on fixed incomes who have been seeing prices on the goods and services they rely heavily on, such as medical care, energy, food, power, and car gasoline.
In April 2022, inflation took an increasing toll on retirement plan participants by increasing to 8.9% over last year's April monthly result - its largest 12-month increase since January 1982 - using the same Consumer Price Index (CPI-W) that Social Security uses for its annual Cost of Living (COLA) update. And to make matters worse, worker salaries, adjusted for inflation, increased 5.3% over the past year because of the increase in Cost of Living.
But there is an answer to rampaging inflation in retirment plans. It's called the "Inflation Eraser" which is an extensive user-friendly program that simplifies research for plans that file Form 5500 and Form 5500-SF.
The low cost ($28 one time, or month-to-month) www.pensioninspector.com "Inflation Eraser" app combats retirement plan inflation by defining each plan's yearly accumulated retirment plan inflation to show the accumulated plan average increase or decrese for years tested when run from inception year of plan or for plan particpants from year of hire.
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