From Peter Reagan for Birch Gold Group
Social Security and Medicare benefit programs are in big financial trouble, and have been for quite some time.
The recent 254-page report issued by the Treasury Department revealed the most-current summary of the incredible shortfalls that the Trust Fund is suffering:
Continue reading “Retirement Crisis: Where Did Our Money Go?”
One thing is certain, we sure are living in strange times. For retirement savers, that can also mean levels of anxiety that rise a lot faster than IRA balances.
From mistakes anyone can make that could derail their retirement, to ongoing market volatility that the media claims is a “good thing,” there are already plenty of challenges to a comfortable retirement.
Today, on the heels of the pandemic and the economic ripple effects that are still emanating from it, Forbes pointed out the biggest fears Americans have right now:
Continue reading “Retirement Anxiety: Causes and the Nobel Prize Solution”
From Birch Gold Group
When you’ve worked all your life to save for retirement, the idea is you get to enjoy that retirement stress-free.
But that idea could soon get tossed out the window.
We’ve already covered how retirement for some savers may not last longer than five years. We’ve also covered how the Fed’s response may eat away at the retirement savings of many Americans.
Continue reading “A Surprising Segment of Retirement Savers Have Just Turned Pessimistic”
Guest Post by Simon Black
Last week, the financial services giant Northwestern Mutual released new data showing that 1 in 3 Americans has less than $5,000 in retirement savings.
It’s an unfortunately familiar story. And Northwestern Mutual’s data is entirely aligned with other research we’ve seen in the past, including our own.
The Federal Reserve’s most recent Survey of Consumer Finances, for example, shows that the median bank balance among US consumers is just $2,900.
And Bank of America’s annual report from last year showed that the average balance per HOUSEHOLD (i.e. -not- per person) was $12,870… which was actually LESS than the average account balance that Bank of America reported in 1997!
On average, the typical US household has less savings today than they did 20 years ago… and almost nothing put away for retirement.
In fact 21% of Americans (based on Northwestern Mutual’s data) have absolutely nothing saved for retirement.
Continue reading “America’s long-term challenge #2: the looming retirement crisis”
