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If you believe higher prices are here to stay, it’s important to consider how your retirement could be affected, and what strategies need to be put into play as a result. Here, you’ll find five approaches, as well as their biggest risks:

📌Gold – While this is typically the go-to answer to safeguard from inflation, the price of gold has actually fallen this year, while inflation doubled; Not to mention, it doesn’t perform as well as stocks and doesn’t provide an income

📌Commodities – Copper, oil, and lumber are all up this year; However, the issue with commodities is that they have to be bought through futures contracts, posing a danger of what traders call “contango” (prices are higher the further ahead the futures contract matures)

📌Stocks with low purchasing power – When prices everywhere rise, weaker companies can price more aggressively, which makes pricing power decrease; As a result, stocks in competitive sectors become more popular, but can also fall hard when we anticipate the end of inflation📌Treasury Inflated Protected Securities (TIPS) – While 10-year TIPS pay 0.9 percent below inflation, their repayment at maturity is tied directly to consumer prices

📌Assets with short duration – These rely on returns far in the future, and can be hit hard by inflationary fears. Those with fixed returns, such as bonds, can fare even worse

Bottom line: The keyword here is, “If.” There isn’t a crystal ball regarding what inflation will look like in the future, let alone which assets will perform the best in an inflationary environment. Take a diversified approach, and don’t forget about the value of real estate, and even cash, available for opportunities.