Higher inflation is inevitable and it’s worrying most Americans.
In fact, two recent surveys have both found that retirees are worried about either saving for retirement or about their finances while retired.
Voya Financial’s consumer research survey found that higher inflation has many worried that the value of the dollars in their 401(k)s and similar retirement plans won’t go as far as they might have hoped.
The survey found that 66% of respondents are worried about how inflation will impact their ability to save for retirement.
And that doesn’t just apply to the older generation. The survey determined that 73% of Millennials and 74% of Gen X are worried about inflation’s effect on their retirement savings.
It also found that 44% of those surveyed say they’ve already tapped into their retirement savings.
A study conducted by Age Wave, in partnership with Edward Jones, found that 41% of retirees surveyed say they often worry about draining their money.
While many participants hope to stop working once they retire, 59% realize that their retirement will include some sort of work.
Let’s face it, the stock market is having a tough time and looming recession fears are only becoming stronger.
And now, many experts don’t believe the Fed will be able to stop it.
A recent Barron’s article reads in part, “For the Fed, the necessary factor is that it doesn’t matter what it does, harmless individuals are going to get harm[ed] as the financial system slows. If it stopped elevating charges, and even began to chop, ever-faster inflation would crater client spending and upend firm plans. That results in a dangerous recession in and of itself.”
But there is a way to help protect your financial future. And that’s with gold – a safe haven that’s proven itself time and time again – and other precious metals.
If you’d like to invest or if you’d like to learn more, give us a call at (855) 905-5317 for your free, no-obligation, one-on-one consultation.