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Why Americans Aren’t Saving for Retirement, And How You Can

Investing in gold to save for retirement

Americans Aren’t Saving for Retirement. Here is How You Can.

Saving for retirement used to be standard and expected. Now, it seems like a luxury. If you are one of the millions of Americans who are not saving for retirement, you are not alone. Luckily, there are ways you can easily begin, no matter how old you are. Keep reading to learn more about why Americans aren’t saving for retirement, how you can start, and why investing in gold plays such a huge role.

Why Aren’t Americans Saving for Retirement?

In an article by Yahoo! News, there are two main reasons why Americans aren’t saving for retirement. Chances are, if you are unable to save for retirement, you fall into one or both of these buckets. They include:

  • No access to an employer’s retirement plan. Traditional employer-based retirement plans are typically not available for contractors, freelancers, gig economy workers, and part-time workers. And only 42% of small businesses with less than 100 employees offer retirement benefits, according to a LIMRA 2019 study. “Why small businesses don’t offer retirement benefits to their employees is pretty straightforward,” said David Deeds, the Schulze Professor of Entrepreneurship at the University of St. Thomas in St. Paul. “They didn’t need to in order to hire and retain employees in the previous labor market, weren’t required to by state or federal governments, and the perceived costs and complexity (real or imagined) of managing retirement benefits kept at least half of small business from offering retirement benefits.”
  • Nothing to spare. More than a third of those who don’t contribute to retirement plans say it’s because they can’t afford to do so, according to a MagnifyMoney survey of more than 1,200 working Americans. And nearly 50% of those with annual income of less than $50,000 said they’ve never had a retirement account, according to the Bankrate report. “Choosing between staying afloat, setting aside some short-term savings and student debt payments often prevents Gen Z and younger workers from contributing to retirement,” said Lazetta Rainey Braxton, a financial planner and co-CEO of 2050 Wealth Partners in Brooklyn, NY.

How to Easily Save for Retirement Now

Whether you have no access to an employer’s retirement plan, have nothing to spare for retirement, or both, there are still things you can do to save for retirement.

  • Set a goal. Even if you have no extra money to spare to save for retirement just yet, that doesn’t mean that you can’t start planning and set a goal. Goals such as beginning to save for retirement this time next year, calculating how much you might need in retirement, or beginning to research strategies, are all steps in the right direction.
  • Set up a recurring deposit, no matter how small. Open a separate retirement account and set up a recurring deposit, so you aren’t tempted to spend the money another way. Oftentimes, having a separate account will keep you motivated not to touch it.
  • Invest in gold. According to Forbes, if you don’t have access to a retirement account at work or are looking to save for retirement outside of it, you have two main choices: traditional IRAs and Roth IRAs. To contribute to either, you must have a taxable income for the year. Roth IRAs come with further income restrictions. To contribute the maximum amount to a Roth IRA, you must make less than $124,000 if you’re single or $196,000 if you’re married and filing taxes together. A great way to start doing this is through a Precious Metal IRA.

Why Gold?

Global uncertainty and recession made Precious Metals Investment the best option. Diversifying your portfolio with gold and silver can shield your retirement savings from loss during an economic downturn. Transfer your traditional IRA, 401(K), 403(B), TSP OR 457 Plan into a self-directed Precious Metals IRA Account backed by physical gold and silver. Having an established Gold & Silver IRA (Individual Retirement Account) means that you will have the following:

  • Retirement Security and hedge against inflation.
  • RS Tax Exemption on qualifying precious metals.
  • Direct Physical Ownership of tangible assets.
  • Full control of your precious metals investment.
  • FREE Shipping, Insurance, and Free storage for qualifying accounts.

Traditional IRAs only hold paper assets, while Gold IRA holds physical bullion bars or coins under your ownership. You can only trust what you can touch and hold.

By rolling over your IRA, 401(k), 403, TSP, or 457 Plan into our Precious Metal IRA Account, you can achieve the same profits that you would gain by purchasing gold or silver directly while also enjoying the benefits that your retirement account provides.

Saving for Retirement with Priority Gold

If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.

We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.

We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. And gold shows up on schedule. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and Ethical Code of Business.

For more information, visit us at

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