tangomonster
Full time employment: Posting here.
- Joined
- Mar 20, 2006
- Messages
- 757
According to the latest AARP newsletter, "55+ savers have not saved much":
less than 10,000 26%
10,000 to $24,999 5%
25,000 to $49,999 9%
50,000 to $99,999 11%
100,000 to $249,000 20%
$250,000 or more 28%
So, while it's encouraging that the highest percentage is those that saved $250,000 or more, an almost equal amount have saved $10,000 or less!
72% have saved less than $250,000. This doesn't seem possible to me, but I guess it's the truth (based on a January '07 Employee Benefit Research Institute survey. And while I don't mean to denigrate anyone because everyone has their own circumstances, I tend to think that much of this is due to unnecessary/discretionary spending, either below or exactly at own's means. As a fairly low wage earner myself (DH and I never earned more than $50,000 each, and many years much less),
I was still able to save a bundle.
And the percentage of US households saving and investing for retirement has dropped from 78% in 2000 to 66% in 2007.
They say that more than 75 million workers will join one out of three beneficiaries depending on a SS monthly payment for 90% or more of their income and one out of five relying on it entirely.
This is scary stuff for many Americans...
less than 10,000 26%
10,000 to $24,999 5%
25,000 to $49,999 9%
50,000 to $99,999 11%
100,000 to $249,000 20%
$250,000 or more 28%
So, while it's encouraging that the highest percentage is those that saved $250,000 or more, an almost equal amount have saved $10,000 or less!
72% have saved less than $250,000. This doesn't seem possible to me, but I guess it's the truth (based on a January '07 Employee Benefit Research Institute survey. And while I don't mean to denigrate anyone because everyone has their own circumstances, I tend to think that much of this is due to unnecessary/discretionary spending, either below or exactly at own's means. As a fairly low wage earner myself (DH and I never earned more than $50,000 each, and many years much less),
I was still able to save a bundle.
And the percentage of US households saving and investing for retirement has dropped from 78% in 2000 to 66% in 2007.
They say that more than 75 million workers will join one out of three beneficiaries depending on a SS monthly payment for 90% or more of their income and one out of five relying on it entirely.
This is scary stuff for many Americans...