Partnering For Your Future™.
What is the Consumer Price Index?
Each month, the U.S. Bureau of Labor Statistics surveys prices for a "market basket" of goods and services, including food, clothing, energy, new car costs, etc. The prices are then plugged into formulas that weigh each price based on how much of the "average" consumer's budget is spent on each particular item. This economic "snapshot" of the average consumer's spending is known as the Consumer Price Index (CPI). It is a commonly used measure of inflation.

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Life Goals: Financial Essentials For Your 60s

Here are several financial steps you may want to consider taking right now:

1. Re-evaluate budget and cash flow.

Creating a budget is crucial to fulfilling your plans for retirement. Be sure to plan on a reserve for emergency situations when evaluating your needs.

2. Review your Will and Living Will.

Changes in your family or other circumstances make it important to regularly review your plans for your property and your medical care.

3. Review estate plan.

Work with an advisor to develop or review a plan for your property and assets, including your Will, trusts, liquidity of assets and gifting.

4. Consider income-potential investments.

Depending on your tolerance for risk and your retirement cash needs, explore higher-return investments with your advisor.

5. Look into part-time employment.

Depending on your plans, you can supplement your savings with part-time employment. Volunteer work can also help you by building a support network within your community.

6. Make sure long term care needs are met.

Plan and discuss your desires and needs for possible long-term healthcare needs with your family.

7. Supplement Medicare.

Medicare may not be enough to provide the level of care you need; work with an agent to determine an affordable level of coverage.

8. Review business agreements and transfer plans.

If you have a business, you need to plan for a fair and predictable transfer of your business should you die or wish to move on.

9. Consider annuities.

Annuities are insurance products that can guarantee you a fixed income after you retire. They can be an excellent supplement to other savings plans.