Could Social Security Really Be Ending?
The general retiree population in the United States of America rely on Social Security benefits in order to financially survive in retirement. Due to the global pandemic and the economic hardships that were experienced in 2020, it has now been projected that by the year 2034 that all Social Security and Medicare funds will be depleted and unable to pay benefits to all eligible retirees. Allegiance Gold has been educating on the risks, the possibilities, and the likeliness of an event like this actually happening. Diversifying a financial portfolio into gold has never been so important. Waiting for the right time to invest is only going to add to the time lost. For more on this, contact the executives at Allegiance Gold to find out how you can preserve your financial future through investments in gold and other precious metals.
Let’s take a step back, back into the year 2020. The year 2020, was an eventful year unlike any other. A global pandemic brought turmoil, anxiety, and economic hardships to every person not just in America, but in the entire world. Not to mention that 2020 was also an election year for America, it was a year that will never be forgotten. More than 40% of the federal budget is accounted for through Social Security benefits and Medicare benefits. Both programs have been severely affected by the pandemic and the recession of 2020. The cost of living adjustment for the new year 2022 will approach 6%, which is a huge leap from the 1.3%. While the inflation rate continues to skyrocket, the cost of living in most states have affected the retirement population and has forced them to reconsider where they live. Take California for example – Californians have been moving to states like Texas for the past 2-3 years due to how expensive the state has become. Californians moving to Texas was up by 36% in 2020, and will have a higher percentage comparison by the end of 2021.
While we all thought that 2021 would be a year that rebuilding of our great nation would be taking place, it is turning out to be a year where we fall further and further into debt and uncertainty of what is to come. Now more than ever is the time to act on 401K and retirement accounts and how they are going to mature over time. Who knows what will happen by year 2034. One thing is for certain though, do not rely solely on Social Security or Medicare benefits, as they may be gone before we know it.
Preserving your wealth has become more important now than ever. In the past year, precious metal investments in gold have become one of the top 3 investments made in America. Gold was always known as the “ultimate hedge against inflation”, and could stand the test of time. The ultimate test for gold came in 2020, and it passed and exceeded everyone’s expectations. Gold nearly doubled in price in 2020, and has been continuing to prove to investors in 2021 that investments in gold “may be the future”. All throughout the year 2020, Allegiance Gold has been educating all types of investors on the importance of diversifying a financial portfolio and investing in precious metals like gold. With gold projected to climb higher, and may exceed the $2,000 price per ounce point, the time to invest in your financial future is now. Contact us and remember to ask us about receiving the FREE Gold IRA Guide. Act on preserving your wealth today!