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Halfway through a long, rocky hike in the Great Smoky Mountains, I realized I was in over my head.?Underprepared and overwhelmed, I felt done. Whether pushing ahead or turning back, I had 7 miles to travel. Just as I was questioning my life choices, my son suggested we call the park ranger station or even 911.
SEE MORE 2 Risks People Face If They Retire in Tough Economic Times
"Wow. What would that look like?" I thought. "Was I really in that bad of shape?" As tempting as a tap-out sounded, I was able to get by with an extra Gatorade and an energy bar instead of a rescue helicopter and an IV hookup.?Six hours later, legs battered, ego bruised, I finished the hike in the dark.
We all face moments of self-doubt and indecision. Sometimes we reset and sometimes we retreat. It's the same on the road to retirement — some of us feel stuck and others are striving. If you're rethinking your next planning move, don't panic! Instead, ponder: If I retired today, what would that look like?
If I retired today, what would my cost of living look like?
This part of the picture is not ideal. When you consider how incredibly fast the inflation rate rose from a long, comfortable period of lows to today's historic highs, pausing to evaluate current economic conditions may seem wise. In the span of just one year, the inflation rate notched its largest increase in 40 years in June with consumer prices up 9.1%. This was the biggest 12-month increase since the year that ended in November 1981, when the consumer price index reached 9.6%.
Whatever direction inflation goes from here, it's having an impact on us all, an
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