The Gold IRA Company

MANY AMERICANS ARE LIVING ON A FINANCIAL EDGE

Millions of working households in the United States have very little or no retirement assets.  And many aging Americans have already or will soon become totally dependent on their income from Social Security.

 

According to a study in 2015 by the National Institute on Retirement Security, the median retirement account balance is only $2,500 for all American working-age households and $14,500 for near-retirement households.

 

Findings by the Financial Security Index reveal that only 29% of Americans have any money set aside in the case of an emergency.  This presents a very serious and immediate problem for many Americans, since the average monthly Social Security check was only $1234 as of June 2016, according to the Social Security Administration.

 

In his article, “Beyond Our Means: Why America Spends While the World Saves,” Princeton historian Sheldon Garon explains that after World War II much of Europe and Japan “ran massive savings campaigns” to encourage people to save, and a continuing culture of restrained spending continued which curtailed the expansion of consumer credit.

 

However, after World War II, America emerged as an extremely wealthy nation while other countries were struggling from war-ravaged economies.  And while many of the war-torn countries were using their money to rebuild their own country rather than spending on imports, Americans, on the other hand were encouraged to spend, spend, and spend to foster economic growth from within. This became a national habit over time.

 

U.S. citizens were also strongly supported with an array of policies which also stimulated home-ownership, further increasing consumer spending.

 

Then in the 1980s, deregulation permitted the financial industry to offer massive amounts of easy credit including credit cards, subprime mortgages, and equity loans even to impoverished households and students further enabling and fueling the spending and debt cycle. Where once as Americans, we were blessed to be the wealthiest and greatest creditor nation on earth, today we have sadly become the largest debtor nation on earth.

 

To add physical gold and silver to your portfolio, please call: 855-554-4853 to speak with one of our precious metal specialists.

 

References:
http://www.foxbusiness.com/features/2016/01/06/why-are-americans-such-poor-savers.html
http://www.fool.com/investing/general/2012/10/11/why-americans-are-pitiful-savers.aspx
http://time.com/money/4501099/5-arican-cities-where-you-can-retire-on-just-social-security/

Although the information in this commentary has been obtained from sources believed to be reliable, The Gold IRA Company does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. The Gold IRA Company will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.