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Inflation Sparks Fear Among Retirees of Outliving Their Financial Resources

Prolonged high inflation has eroded the value of the dollar, plunging a vast majority of U.S. retirees into deep financial uncertainty. A new survey by Schroders reveals that 68% of retirees fear their savings won't last through their retirement years, with only 44% confident they've saved enough. This financial strain is exacerbated as 89% of respondents worry about inflation diminishing their assets, while concerns about unexpected healthcare costs and potential market downturns further compound their anxiety.

Retirees are also facing higher living costs than anticipated, with 47% reporting that their retirement expenses have exceeded their expectations. Misconceptions about Medicare coverage add to their woes, as nearly half believed it would cover more of their healthcare costs than it actually does. This stark reality is creating significant stress among retirees, with one in three stating that financial worries are impacting their health, and over a quarter losing sleep over their financial future.

The relentless rise in prices for basic necessities such as food, shelter, and energy is disproportionately affecting those on fixed incomes, particularly retirees, leaving them extraordinarily vulnerable. As inflation continues to challenge both current and future retirees, the fading safety net of corporate pensions marks a dire outlook for financial security across multiple generations. Read More.

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Proposed Bill Aims to Abolish Federal Taxes on Gold and Silver

Persistent high inflation has significantly weakened consumer purchasing power, prompting a political movement to offer U.S. citizens new ways to protect their wealth through gold and silver bullion. This trend has seen several states recognize these metals as legal tender, and now, a federal initiative seeks to solidify their role in the economy.

On May 8, U.S. Representative Alex Mooney (R-WV) reintroduced the Monetary Metals Tax Neutrality Act (H.R. 8279), aiming to eliminate federal income tax on gold and silver coins and bullion. Supported by Reps. Scott Perry (R-PA) and Randy Weber (R-TX), and backed by the Sound Money Defense League (SMDL), Money Metals Exchange, and other activists, this legislation proposes that transactions involving precious metals should not be subject to capital gains or other federal income calculations, treating them similarly to the U.S. dollar.

Currently, the IRS categorizes these metals as "collectibles," subjecting them to a high long-term capital gains tax of 28%. This legislation argues that since these metals are often U.S. Mint-produced with a dollar face value, they should be recognized as legal tender and not taxed. The SMDL also contends that capital gains on precious metals often reflect inflation effects rather than real value increases, primarily due to Federal Reserve policies.

This federal bill aligns with actions by numerous states. Nebraska recently became the 12th state to remove capital gains taxes on gold and silver, joining others like Alabama, Arizona, Arkansas, and Utah. States like Iowa, Georgia, Oklahoma, Missouri, and Kansas have also considered similar exemptions, with several passing the bill through multiple committees and chambers. Additionally, Kentucky became the 45th state to end sales taxes on these metals last month. Read Now.