_{ECONOMY INSIGHTS}

Bank Credit is Shrinking for the First Time since the Great Recession - and that’s a red flag for the economy

The Federal Reserve reports a decrease in bank lending, the first major drop since the 2008 financial crisis. This decline is due to high interest rates, making it costlier for businesses to borrow money. Despite a stable economy last year, many experts fear a recession soon. While the US economy grew recently, the pace is slowing down. Some believe the economy can avoid a major downturn, but others, like JPMorgan's Jamie Dimon, are less optimistic. The decrease in bank lending is a worrying sign, suggesting tougher times ahead for business growth and the economy. Read More.

_{FINANCIAL FOCUS}

Concerning Time for American Retirement Savings

Recent economic fluctuations have significantly impacted retirement savings, leading to substantial financial setbacks:

• Retirement savings overall have experienced a staggering net reduction of $1 trillion.

• Specifically, pension plans recorded losses amounting to $3.3 trillion in just the third quarter of 2023.

• These financial hits, combined with the diminishing purchasing power of the US dollar, effectively reduce the perceived annual income of the average American family by about $7,300.

The effect on individual retirement accounts (IRAs) is profound, with average losses nearing $250,000, a figure that underscores the severity of the situation.

Furthermore, the mounting national debt raises serious concerns about the long-term viability of critical social safety nets like Social Security, Medicaid, and Medicare, adding another layer of uncertainty to the financial future of many Americans.

This turbulent financial landscape is far from the tranquil retirement many had imagined.

If you're ready to fortify your financial future against these challenges, it's time to dive into our Wealth Protection Guide to understand how diversification can serve as a safeguard for your savings, providing you with the peace of mind you deserve. Read Now.