My Richmond Fed: Planning for Retirement
When you’re planning for any major financial decision, like retirement, you’re interacting with our work at the Richmond Fed. We help you better plan for these decisions by using a variety of tools to keep inflation relatively stable and prices over time more predictable.
As part of the nation’s central bank, we influence the amount of money in our financial system and the rate banks pay to borrow money from each other. These actions help control inflation — and impact your wallet in two ways.
By effectively setting the interest rates banks pay to each other, we influence other interest rates, like what you earn on your savings and what you pay for a home or car loan. We also help protect your standard of living — by keeping inflation in check — so the average price you pay for goods and services is more stable. This helps you and your family better plan for current and future needs, like planning ahead for retirement.
A key part of this work is collecting and analyzing economic information from our region. We connect with community and business leaders around our District to better understand local economic conditions and issues facing our communities. These perspectives become part of what’s shared with our nation’s policymakers to help inform monetary policy decisions. We also share our economic research, data and resources with the public to help you make more informed financial decisions.
Planning for Retirement is part of our My Richmond Fed video series, which demonstrate how the Fed’s work affects everyday people, every day.
