The topic of unemployment has been a huge talker for months. Emotions were especially mixed this week as enhanced unemployment benefits, which were put in place during the beginning of the pandemic, came to an end. According to The Century Foundation, an estimated 8 million people will lose all benefits and another 2.7 million will see $300 taken out of their weekly checks.
According to our Twitter poll, 42% of those who participated say it was time to remove the financial crutch. 41% say it was not time to end the benefits, while 17% say Americans needed help a bit longer.
In other news, a recent report by the Social Security and Medicare Boards of Trustees found that the Old-Age and Survivors Trust Fund (OASI) will reach insolvency by 2034. That’s one year sooner than last year’s calculation.
That means that when workers who are now 54 and younger reach full retirement age, the money will be gone.
That’s right. Our experts say the money that you and other Americans paid into Social Security over your working years has all been spent. Congress spent the money and promised to make it good someday, somehow.
But the nation is already facing treacherous waters with $28.5 trillion of debt that can only be funded by money printing — and that doesn’t even include government IOUs that are supposed to be in the Social Security Trust Fund or in the Medicare Trust Fund.
If you take one thing from that, it should be that your retirement savings may not be safe. You have to take the steps to protect your financial future. We can help with that!
Give us a call at (855) 905-5317 for your free one-on-one consultation. We’ll talk you through the process of investing in precious metals and answer all your questions.