How Inflation Works in Retirement

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When I started college, the total cost of a year of school at Bryant University was roughly $32,000 (which did not include books). 11 years later, that same institution costs over $50,000 a year. Inflation is the basic economic concept that prices of goods and services rise over time and therefore the buying power of your dollar today will be less tomorrow. If you think about your first car, how much money did it take to fill the car up? Are you paying the same amount today or more? Inflation is the silent killer in any retirement plan, but inflation works differently in retirement.
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