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According to a recent study by Columbia University, 8 million Americans have fallen into poverty since May. The effects of the federal Cares Act were short-lived as it gave Americans a one-time stimulus check of $1200. The extra $600 a week in unemployment benefits expired early Summer, ending the needed help that delayed many from falling into poverty in the Spring.

The study comes as new stimulus negotiations have stalled once again while millions of Americans suffer the economic consequences of the pandemic. The stimulus bill has been in limbo for several months as both parties refuse to come to an agreement. A scenario that is looking more likely after the run-off elections in Georgia this January.

Millions are still unemployed with the gains in employment rates not being nearly enough to be considered a recovery. From April to May, unemployment numbers for older Americans nearly quadrupled. With factors like inflation, income lost during unemployment, and older workers having to dip into their retirement savings to make ends meet, many will have to delay retirement if they don’t want to live in poverty.

However, these job losses also went from temporary to permanent as many were approaching retirement age, and employers, once rehiring starts again, will opt for younger, cheaper workers. This poses the greatest risk to older Americans as they will not be able to go back to work if needed and they sit in a gray area where they are too young to collect medicare or social security.

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Those who are able to go back to work will most likely see a major pay cut, similar to that of The Great Depression where older workers took a median pay cut of 23%. This means those who do go back to work will have less time and money to save. While the entire country panics over a pandemic and the economy, retirees are ignored as they try to navigate an impossible situation.

The future looks bleak for retirees, but there is a window of opportunity to protect and grow your retirement savings. Historically, precious metals such as gold and silver have served as a hedge for inflation, due to the fact that they tend to move in the opposite direction of the stock market. Experts have predicted that as inflation manifests, gold will move towards the $2,000 per oz mark over the next year. We see large banks already moving to hoard as much silver they can, even at the cost of a billion-dollar fine and felony. Knowing the corrupt and illegal schemes large banks are desperately trying to hide from the public can give you a hint as to which direction to move when investing and diversifying your portfolio. The experts at Allegiance Gold can help guide you in the direction to diversify your portfolio and obtain the retirement savings you deserve.

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