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4-minute Read

Inflation has eaten away at Americans’ savings!” states American Institute for Economic Research’s Paul Mueller. The cost to retire continues to increase as the Biden administration cracks down on “junk fees. 

These fees are financial conflicts of interest that sometimes exist when financial advisors give investment advice to retirement savers. “Three years ago, if you had been aiming for retirement savings of, let’s say $500,000, in today’s climate, with higher prices, you need more like $600,000,” Mueller explains “In three years, you need another $100,000 to have the same purchasing power. So, inflation has very much eaten away at people’s savings” In the following four-minute read, we will talk about an alternative investment option, debrief the ESG rules of retirement plans and conclude with the Fidelity proposed savings journey.  

Freedom Of Choice:

The U.S. Labor Department created a rule that in theory made it easier for retirement plan sponsors to weigh environmental, social, and governance (ESG) factors in choosing funds for employee retirement plans. So, the government was choosing the investments that you could make. If we the people are responsible for our own retirements, shouldn’t we have the freedom to invest whenever we like, not where the government tells us to invest? 

Amid the volatile market environment right not, many investors have rediscovered an interest in assets such as gold, known as the quintessential safe-haven asset, according to investors. With the U.S. economy stubbornly resilient in the face of the Fed’s rate-hike campaign, and the conflict between Israel and Gaza still in focus, gold prices have made quite a few advances about the $2,000 level recently. 

Gold has historically been shown to be a hedge against inflation amidst nationwide uncertainty. At Reagan Gold Group, we specialize in helping Americans acquire gold and silver assets to diversify their portfolios and navigate challenging economic times. There is a reason that everyone is buying up precious metals.  

Retirement Planning

Time for Change:

Bidens’s White House said in a press release Tuesday that part of the bigger “Bidenomics” plan includes a new rule enforced by the Department of Labor that will require advisers to recommend commodities or insurance products, like fixed index annuities, in the saver’s best interest. 

The rule also would cover advice to roll assets out of an employer-sponsored retirement plan and financial advice involving what investments to include in your 401(k), according to the release. The key change with this rule means sellers of insurance and annuities must observe the same standard of care required by licensed financial advisers. 

Precious Metal Investment

Crunching the Numbers:

The regulation change comes as baby boomers struggle to get their 401(k) balances to pre-COVID levels, with Fidelity reporting the generation had an average of $249,700 in December 2021, but saw $220,900 in June 2023 

Forbes has additionally reported that the average U.S. retiree is $470,000 short of what they need to retire comfortably. Despite statistics sowing American savers are behind, Fidelity previously shared individuals’ savings milestones to aim for based on your age. By age 30, it’s recommended that you have saved at least 1x your annual salary. Then, it’s 3x your salary by 40, 6x by 60 and 10x by 67. 

“It’s not based on dollars. So, you will see a lot of different reports that say, ‘Oh, you need X amount of dollars when you retire.’ And then you’ll see a competing survey that says, ‘No, you need this amount,” Michael Shamrell, vice president of Fidelity’s workplace investing thought leadership, previously reported. “It doesn’t allow for people in different geographical areas of the country where there may be different cost of living.”  

The White House said “…an adviser may receive a commission as high as 6.5 percent to recommend some insurance products,” costing American families as much as $5 billion per year. 

Retirement Cost On The Rise: Are You Prepared?​The Verdict:

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In these uncertain times, it’s essential to take control of your financial future. At Reagan Gold Group, we assist Americans to obtain Physical Gold and Silver assets that support a diversified financial portfolio, act as a hedge against inflation, and support people through tough economic times. It is not too late to make a tangible investment in these precious metals that have historical value passed from generation to generation. Book a FREE consultation to get started. This is the time for all Americans to intervene and take ownership of their own wealth with no interventions. Contact Reagan Gold Group today and find out more about the preservation of your wealth.

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