Inflation and Pre-Planning Your Funeral

How do inflation and pre-planning your funeral fit together? You can’t have a conversation or watch news these days without a mention of the rising prices. The cost of gasoline to a loaf of bread is a part of the discussion. Inflation is having an impact on our buying decisions more than they have in a long time. The pandemic has contributed to a disrupted supply chain which has pushed prices and availability to an unprecedented level. 

So What Is Inflation?

According to the International Monetary Fund 

“Inflation is the rate of increase in the prices over a period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.”

What Does Inflation and Pre-planning Your Funeral Have To Do With Each Other?

Most of us have no idea when we will die. What we do know is that we will die at some point. The need for end of life services is not a possibility, it is an absolute. There are so many smart reasons to pre-plan your own funeral. 

1. Fulfilling your final wishes and leaving a legacy for your family
2. Taking the financial burden off of your loved ones
3. Protect loved ones from additional emotional distress

Another reason to pre-plan is to be prepared for the inflation that occurs and potentially lock in prices before they rise again. When you plan for retirement you take into consideration the inflation that will occur in the time between your working years and your planned retirement. In the same way you must consider inflation when pre planning your funeral. 

According to the U.S Bureau of Labor Statistics, “prices for funeral expenses are 253.79% higher in 2022 versus 1986 (a $50.76 difference in value). “

“Funeral expenses experienced an average inflation rate of 3.57% per year.”

Having your funeral planned, casket or urn picked out and place of burial prepared you can not only alleviate the burden of making hard decisions for your loved ones; you can also make smart financial decisions for yourself. 

By sitting down with a professional and getting your funeral pre-planned you won’t have to worry about the price of inflation because you will pay today’s price. If you don’t have a pre plan not only will you put the financial and emotional burden on your loved ones you will also pay more.

Pre-planning can be a hard step to take. Thinking about death and your final resting place can be intimidating, however knowing the gift you are giving to your loved ones makes it all worth it.