FIND OUT HOW
GOLD CAN BOOST
Social Security Isn’t Enough
Posted By Isaac Nuriani
In 2015, the average monthly Social Security benefit for retired workers was $1,335, or $16,020 a year. In that same year, the Federal Poverty Guideline was $11,770 for a single individual. In other words, folks who depend on Social Security alone to see them through their retirement years are only $4,250/year away from abject poverty. What’s wrong with this picture?
Reorient Your Thinking
If you were thinking that Social Security would get you through your later years, think again. The problem is that companies no longer offer defined-benefit pensions, which means you can’t count on a steady stream of money from your ex-employer to plug the gap. At best, your old company might have offered a defined-contribution plan, such as a 401K. There are a few problems with that:
- It’s completely voluntary, so you might not have contributed much of anything to it.
- Performance isn’t guaranteed, so if you invested the money in stocks or bonds only, you might have good or bad results, depending on your timing. If you put the cash in a money market account, you’ve probably lost value against inflation.
- If you’re self-employed, you would need to set up your own retirement plan, such as an IRA, to enjoy the benefits of a tax-deferred pension.
A Bleak Picture
I just can’t get this image out my head – some elderly gentleman who’s worked hard all his life, sitting in a barely furnished one-room apartment with hardly enough money to pay the rent, much less eat a decent meal. The only things keeping him alive are food stamps and Medicare, and they always seem to come up short.
I don’t like this picture. I’d rather think about a comfortably retired senior who faithfully put the maximum contribution into his self-directed IRA every year. This fellow is pretty savvy, because he knew not to entrust all his savings to stocks and bonds. He put a big chunk of his money into physical gold and silver coins, to protect himself from inflation and devaluation. He knows that precious metals can’t be devalued, thereby providing the potential stability that paper assets can lack.
Personally, I hate pinning my retirement plans on paper – currency, stock certificates, bonds, whatever. Those who don’t know history are destined to repeat it, and the world’s history is chock-a-block with once mighty countries falling into financial ruin. If you think it can’t happen here, ask your parents about 1929. Don’t leave you future up for grabs. Take a positive step by opening an Augusta Precious Metals Gold IRA, and collect gold while earning a nice tax deduction on your metal purchases. Whatever you do, don’t depend on Social Security alone!
Your Future and Your Legacy!
Posted By | November 17, 2017As a precious metal, silver is unique in that it’s both a highly-regarded store of value and a commodity with a wide variety of industrial applications. And it is that latter feature, its industrial...
Posted By | November 11, 2017We know gold is relatively rare. Scarcity is one of the characteristics that gives gold the value it has. But the reasons for its scarcity have had as much to do with the challenges associated with ...
Posted By | November 4, 2017With the repeal and replace of Obamacare on hold for now, the Trump administration has turned its attention to tax reform. Trump is proposing substantial tax cuts that could total as much as $5 trilli...