The economic downturn in 2008 had an effect on everybody. People lost value in their retirement accounts. They lost value in their homes. Businesses downsized and closed. Unemployment was high. I believe that the economics of the world changed and yet the “professionals” still touted doing the same things which lead to the downturn in 2008.
Today, is a perfect storm brewing within the United States. There are many things that are not discussed nor is there any research being discussed as to how these events will impact the United States and the economy. In 2019 the country hit 2 milestones; the first one being 22 TRILLION in debt (that doesn’t count the unfunded liabilities which totals about $220 TRILLION). The second one is that we have had 10 consecutive years of growth, without a recession/correction. There are still three wars that we have yet to be paid for. The U.S. has the BIGGEST demographic of people withdrawing their wealth from the market, as opposed to adding to it (the baby boomers turning 65 at the rate of 10,000/day).
March 2020… the CORONAVIRUS struck the United States and the market tanked. People lost money in their investment and retirement accounts. Congress approved and passed the CARE Act to assist MILLIONS of American’s. The monies that was approved, over $2.2 Trillion, WILL NEED TO BE PAID BACK. This isn’t FREE money. The FED also approved over $4 Trillion to be used to help the banks lend money. This is the scary thing…. THIS ISN’T THE MARKET CORRECTION THAT IS A NATURAL CYCLICAL EVENT THAT HAPPENS. THAT STILL WILL HAPPEN.
The two things are taxes and a health event(s) that would cause you to need care (either at home or in a facility).
Traditional planning teaches us;