The thought of retiring comfortably in most minds means that all of our loved ones and other responsibilities are taken care of, and now it’s time to take care of ourselves.
Americans understand the tenacity it takes to work hard for decades in order to build a nest egg, despite the financial obligations that come along the way.
It’s a great feeling and accomplishment, one to justifiable feel proud about.
But when events like the COVID-19 pandemic blindside us, it shocked not only the world but our savings accounts.
In March of last year, when the stock market caused some investor’s portfolios to drop 23% across just a few short trading days, millions shared the same despairing emotions across the nation.
The decades of hard work, sacrifices, saving, investing– all slashed down by nearly 1/4th of value in a matter of days.
What’s worse is the effects this pandemic caused on retirement savings.
A recent study revealed that 40% of baby boomers had put their retirement plans on hold due to the pandemic and market volatility.
The commonly shared American goal of retiring at 66 may no longer exist.
“Boomers who plan to retire within the next decade face the steep challenge of making up for severe shortfalls in their retirement funds,” quoted directly from the study.
The turbulence may not be over as rising inflation rates and mixed signals from The Fed on their policies threaten us with the possibility of future turmoil.
In fact, these factors have caused a recent market scare that is affecting our country, Asia, and European markets as well.
Now, many fear that a global recession lies ahead of us.
This has caused massive institutions like central banks to flood into safe-haven assets like gold.
Gold is historically seen as a shelter during times when the economy and stock market are experiencing turmoil.
It boasts an impressive track record that dates back thousands of years.
According to Statista, between January 1971 and December 2019, gold had average annual returns of 10.61 percent.
And in 2020, the price of gold soared to set a new all-time high record.
No one can be certain what the economy will do next. However, one thing is for sure, there is no better time to take control of your financial future than now.
We are still dealing with the pandemic and have yet to fully understand how severe its aftermath will be.
Call American Hartford Gold today at 800-462-0071 if your goal is to retire with peace of mind.