If you’re not keeping up with inflation, you’re losing purchasing power -- but there is good news for savers: top-savings yields are actually outpacing inflation. With the threat of a potential recession, it’s the perfect time for people to think about saving now. How can Americans take advantage of competitive yields to keep up?
Matthew Goldberg, Bankrate Analyst, joined KPRC 2+ at 7 to answer that question and more.
Here are seven reason’s why keeping up with inflation matters, according to Bankrate.
- A dollar today won’t buy as much in the future
- The highest savings yield doesn’t usually top inflation
- But you still want the highest APY possible
- The average savings yield hasn’t topped inflation in over 7 years
- You need to factor inflation into retirement planning
- Inflation isn’t likely to go away
- High inflation and market losses were a double whammy in 2022
Goldberg explains more in depth in his interview on KPRC 2+ at 7.