Don’t Bank on Social Security for Retirement. Protect Your Finances with A Gold IRA
Social Security will be under-funded by 2022. This means that Social Security will be paying out more money than it is taking in. You don’t have to have an economics degree to realize this is not sustainable. This has been a major reason many of our clients have invested a portion of their retirement in a Gold IRA and other precious metals.
Why is Social Security Heading Towards Potential Collapse?
There are many reasons why social security is in trouble, however we will focus on the two main ones.
People are living longer than ever before
The Social Security Act was signed into law by President Roosevelt in 1935. In 1930 the life expectancy for men was 58 and 62 for women. However, the retirement age was 65. Another statistic that is important to understand is the number of Americans over 65 years old from 1930 to now. In 1930 there 6.7 million Americans over the age of 65. Contrast that with 34.9 million Americans over 65 years old in the year 2000.
Irresponsible management and spending by the Government
You may be asking yourself, why hasn’t the government done anything about this? And you would be right to ask that question. Politicians have seen this coming for decades, but instead of doing something about this to protect your retirement, they kicked the can down the road. In addition to their willful negligence, they have exacerbated the perilousness of Social Security through irresponsible spending, entitlement programs, and an outrageous national debt.
What Should I Do To Make Sure I Have Money For Retirement?
Regardless of the reason, you need to protect yourself and your retirement. The most important thing you can do is take your retirement into your own hands, and stop depending on the government. It’s essential that Americans start saving more money, and it’s equally important to make wise investment choices.
How Can A Gold IRA Protect My Retirement?
A collapse in Social Security would have huge repercussions for millions of Americans. Many Americans rely on social security as a major source of income. This would send ripples through the stock market, housing market, and would potentially spark another major recession. If you are approaching retirement, you need an investment that is stable. Gold has been stable when the markets have not. By investing a portion of your assets in a Gold or Silver IRA, you would give yourself that protection you need in the event that Social Security is not around for you.