Events over the past few years have made people rethink their retirement plans. No matter how many years you have before retirement you have to be aware of the impact that changes in the financial world will have on your retirement. In most cases, people have been working hard trying to put together some savings so they can retire.
(Article by George Stevens republished from AllNewsPipeline.com)
With businesses that have shut their doors, new unemployment numbers in the hundreds of thousands every week and prospects of more shut downs, the future doesn't hold a lot of promise. For many, survival is the main priority. Unemployment benefits are not going to last forever. What to do then? For some retirement is just a dream.
Today, a large portion of the working class has been advised to invest in the stock market and have enjoyed some return as the Market (DOW) has risen above 31,000. There is a problem with that mind set. The problem is that many think or hope the market will continue to rise. The reality is that the market is currently overpriced. There are many warnings that the market is headed for a downturn that will make the Great Depression look like a picnic.
With the manufacturing base we had and the ethical hard working mindset that existed in the depression years, it still took decades and a world war to get out of it. This time around it is a different story. The national debt is astronomical and will never be paid back. Our manufacturing base has been decimated and the policies of the present administration are already adding to the problem. New generations that are becoming "ready" for the work force are being schooled to believe that they are owed something and they are looking for handouts.
This is a recipe for disaster and a total collapse of our economy and the stock market. The fundamentals of market growth are just not there and with nothing more than hope that the market will keep going up, a downturn can happen very quickly. The DOW has been hovering just above 30,000 for 4 months. It will not take much to precipitate a downward slide that the Protection Team will not be able to stop. On March 16 of last year the market dropped almost 3,000 points in one day. This time the drop will cause the market to lose as much or more than two thirds of its value. Something as simple as rising the interest rates could be the catalyst to destroy the market.
We already have a debt that we can't pay back. Rising interest rates could easily cause paying just the interest impossible. We are a bankrupt country that is only continuing because we can call on the Federal Reserve to print us more money. The more they print, the more they have to print. Massive inflation of a magnitude you can't imagine is not that far away. The Federal Reserve Notes in your wallet are not United States money. It is the currency we use but it belongs to the Federal Reserve and we have to pay interest on it.
So now that we've covered the background, let's go back to retirement. Two things are going to happen with no way to stop them. One is inflation on an enormous scale and second is a collapsing economy. The bond market is in chaos as investors bail out. The new 1.9 trillion COVID bill is only going to push us closer to hyper-inflation. No matter how you look at the economy, these scenarios are going to make retirement plans for most people impossible.
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