Home2020-10-19T17:38:44+00:00

Lower Interest Rates Until 2023? Great For Spenders, Bad For Retirement

By Brad Rhodes

In September 2020, the Federal Reserve ended its two-day policy meeting by announcing its intention of keeping interest rates at their current all-time lows until 2023.

Since 70% of the American economy relies on consumption, the Fed’s commitment to low-interest rates is part of an effort to push Americans away from saving and into spending.

If you are young, cash-rich, and looking to invest in real estate, low-interest rates could be a boon. However, if you are a retiree or someone about to retire, these historically low rates could spell trouble for your financial future.

Low-interest rates harm retirees in a variety of ways.

The Federal Reserve’s benchmark funds rate is in a range of 1%-1.25%, a near-record low. These low rates penalize responsible savers and erode the nest eggs seniors have worked diligently to accumulate. As a person enters into retirement, they face cost increases for prescription medication, expensive long-term care, and other medical costs.

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INVITED AUTHORS

Brad Pistole

Brad Pistole

Trinity Insurance & Financial Services, Inc.

Lyle Boss

Lyle Boss

Boss Financial & Insurance Services, LLC

Joe Edgeworth

Joe Edgeworth

The Edgeworth Insurance Group

Al Martinez, America's Financial Solutions Group

Al Martinez

America’s Financial Solutions Group, LLC

Lisa Cassidy

Lisa Cassidy

America’s Financial Solutions Group, LLC

Chad Owen

Chad Owen

Eagle Shadow Life & Annuity , LLC

Tim Davis

Tim Davis

Davis Capital Corp.

Dave Stanley

Dave Stanley

Financial Consultant | CEPP

Jim Junge

Jim Junge

Benefit Services Group

Laurabell Lyster

Stephen Dybwad

Investment Advisor Representative

Eric Hutter

Eric Hutter

Osprey Retirement Solutions

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