Many of those already in retirement or facing retirement soon experience varying levels of anxiety regarding the future of our nation, the economy, healthcare and more. What are the experts saying we can expect in 2023?
Continued Inflation and a Recession
Unfortunately, most financial experts predict that inflation will continue to rise and that the U.S. economy will be in a recession until at least the middle of 2023. Many factors will impact whether these issues will start to resolve mid-year or continue so predicting out further at this point is mere speculation. CNBC media surveyed a group of chief financial officers and not a single one of them thinks that the recession can be avoided.
Focus on Infrastructure
With legislation already passed for infrastructure improvements in the U.S., it is likely that most first world countries will also make similar improvements. China has already started a massive Belt and Road Initiative. Some political futurists predict that the U.S., Australia, India and Japan will join together and collaborate on an infrastructure strategy to counter some of China’s growing geopolitical influence.
Cleanliness
As our infrastructure improves, there will be a considerable focus on cleanliness as we emerge from the pandemic. Public spaces, transportation and personal spaces will all be held to higher sanitation standards in order to prevent future outbreaks. A continued focus on building better personal hygiene and products that support cleanliness will stay forefront.
Cyberspace
Due to the pandemic, everything that could move online did move online. That concept is here to stay and will continue. Virtual reality collaboration will become more mainstream in 2023. Whether it’s joining a zoom meeting, seeing a concert via virtual reality or participating in the metaverse, these experiences will become more ubiquitous.
Privacy
We will see privacy start to decline in many ways. From healthcare screenings to location surveillance, our personal data and right to privacy will be seriously impacted in the coming years.
Lagging Regulation
Speed and legislation have always had a problematic relationship. Democracies and the “red tape” required inhibit a speedy response to technological developments. We are seeing this with social media regulation as well as other industries. There will be a period of time when the laws do not match the circumstances and 2023 is well situated in the middle of this era.
Climate
A continued focus on improving issues involving the climate crisis will impact businesses first, then consumers. Business owners now are already researching packaging alternatives before the mandates that will inevitably be passed. The next decade will see many changes in the way we live and travel as efforts to protect our environment and its longevity.
What does all of this mean as you face retirement? Proper planning is always the key to security. Start by focusing on financial and retirement planning and follow up with creating a comprehensive estate plan built off the goals of your financial plan. Contact the experienced estate planning attorneys at Stouffer Legal in the Greater Baltimore area. You can schedule an appointment by calling us at (443) 470-3599 or emailing us at office@stoufferlegal.com.
