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Weekly Touchpoint: Seniors Need Money, Keep Working

Posted By Isaac Nuriani |

A few weeks ago, Augusta published a blog article expressing skepticism over a Northwestern Mutual poll that indicated most people who are planning to work during retirement will do so simply because they want to work, not because they need money. We shared some reasons we didn’t believe it. Well, based on another recent poll, it turns out we might have been on to something. According to this second survey, the clear majority of working seniors are working for the unfortunate and unglamorous reason that they’re short on cash. A closer look at this glaring warning sign kicks off the week’s summary of news for retirement savers.

  • Provision Living, a provider of comprehensive assisted living communities across the United States, recently commissioned a survey of working seniors to find out why so many are putting off retirement. According to the results published at ZeroHedge, 60% of the respondents said they are still toiling at their labors for expressly financial reasons. A related – and revealing – statistic uncovered by the survey is that the average total retirement savings of still-working seniors is just a little over $133,000. The disheartening data underscores the importance of retirement savers not only setting aside as much as they can but including safe-haven assets – such as gold and silver – among their holdings to help keep portfolios productive when broad financial markets struggle.
  • What if it turns out there’s nothing central banks or even the private sector can do to lift the economy out of recession when the nation is again mired in one? According to Patrick Hill of Real Investment Advice, the next recession could be the granddaddy of them all. He bases this assessment on the fact that the government and Federal Reserve are hamstrung by a federal debt over 100% of GDP and they have little in the way of resources to combat a pronounced slowdown. Some may believe corporations could help us avoid a recession. But corporations are now hugely leveraged after having fed at the trough of exceptionally low interest rates for years, so they are no better positioned to collectively invest in the economy than the government. Hill says the next recession will be “deep” and the recovery will take years.
  • According to results of a recent MetLife survey detailed at CNBC.com, nearly 1 in 5 Americans has now taken to storing cash in their homes due to worries about a sharp downturn in the national economy. In light of the growing list of warning signs that suggest tough times are just ahead, it’s not surprising that many have taken a quasi-survivalist approach to stockpiling money. Keeping cash on hand does ensure it’s available if bank safety is jeopardized by another financial crisis. But storing money at home won’t keep it from losing value if the Federal Reserve uses drastic loose-policy measures with the nation’s money supply to combat a recession. As genuine safe-haven assets, gold and silver historically have not only helped savers preserve the inherent value of their money, but they have even helped many grow their savings during periods of significant economic weakness.
  • According to the recently published World Economic Forum report, Regional Risks for Doing Business 2019, significant business and financial risks plaguing every corner of the globe include not only financial crises but decidedly non-economic threats such as cyberattacks, terrorist attacks and even environmental disasters. Threats such as these, while not inherently economic or financial in nature, have the potential to cue massive disorder in commercial networks and financial markets. They could harm the value of popular mainstream assets every bit as much or more than an intensifying trade war. To learn about the full range of highly diverse threats retirement savers must now guard against, and also why adding gold could be the key to keeping your portfolio safe come what may, read Augusta’s latest blog article here.

When economic news is not good, silver and gold historically have risen in value and vice versa. Based on this pattern, recent signs that trade relations with China may be improving suggest gold prices might decrease, but they so far have remained firm at the $1,500-an-ounce level. This suggests little real confidence that the trade war will soon be history. It also indicates that observers are fully aware of just how fragile the overall economy likely would remain, even with some improvement in the trade climate. A collapse in negotiations between Washington and Beijing would be expected to send the metal soaring once again. We believe these are all reasons so many people are now turning to precious metals to protect their money. Does your portfolio include revered safe-haven assets such as gold and silver? If not, call Augusta Precious Metals at 800-700-1008 or visit Augustapreciousmetals.com.

Augusta cannot guarantee, and makes no representation, that any metals purchased by a customer will appreciate at all or appreciate sufficiently to make a profit, and there is no certainty that any metals can be sold for a profit. The future value of the coins you purchase cannot be predicted. You could lose money. Don't purchase Augusta products with money you can't afford to lose. Prices may rise and fall over time or rapidly. Past performance of any coin does not guarantee future results. Premium coins are sold for more than the value of the precious metal they contain. Augusta's prices and buy-back prices are determined and controlled by Augusta. This purchase is speculative and unregulated.