How inflation can affect retirement and what to do

Inflation is a general increase in prices of goods and/or services and simultaneous fall in the purchasing value of money. [iStockphoto]

Financial independence is a goal we all strive towards achieving. The new found material emancipation when one starts earning may cause one to forget that this is the ideal time to begin planning for your retirement.

Ideally, one should maintain same lifestyle they had in their productive years after retiring. There is no reason why one should lower their standard in their sunset years.