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Other 18-20 year olds have higher CL

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Re: Other 18-20 year olds have higher CL


@OpenG wrote:

@iced wrote:


@OpenG wrote:
Here's some fun statistics.

31% of Americans have nothing set aside for retirement. 19% of them are between 55-65.

44% of Americans are asset poor, having less than 3mo of savings.

28% have nothing in savings at all and 21% don't even have a savings acct.

Now start comparing this with the median household income and the current debt crisis facing Americans. Things don't look good.

...and if current trends continue it's only going to get worse.


I think I've seen these numbers before and I certainly believe them. What it really points to is the wealth inequality in our country. As of 2013, the top 10% held 76% of the nation's wealth while the bottom 50% held 1%, and it's gotten even worse since then. Source is https://www.cbo.gov/publication/51846, just for you Rev!

 

The takeaway I had from all of this is that there isn't much middle ground left anymore. You're either in the 30% side of the fence with enough wealth to live and retire comfortably or you're in the 60% that's fighting to make it to next month. There's a little sliver in the middle, but it's certainly not the size it was 50 years ago.


+1

Without a strong middle class who is left to put money back in the economy. Certainly not the poor they have none...and the wealthy their kids get that...it's a vacuum.

Sadly I find myself on the wrong side of the wealth gap.


I believe a lot of middle class are moving into upper middle class which gets taxed?








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Message 61 of 62
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Re: Other 18-20 year olds have higher CL


@Revelate wrote:

@OpenG wrote:
Here's some fun statistics.

31% of Americans have nothing set aside for retirement. 19% of them are between 55-65.

44% of Americans are asset poor, having less than 3mo of savings.

28% have nothing in savings at all and 21% don't even have a savings acct.

Now start comparing this with the median household income and the current debt crisis facing Americans. Things don't look good.

...and if current trends continue it's only going to get worse.


Can we site sources please? Smiley Happy

 

Stats don't always tell the entire truth: I don't have a savings account (unless you include the secured deposits I've made and the $750 I keep parked at DCU), but I'm not underbanked... as iced posted, I think they suck as far as interest rates go so I just don't use them currently.  Cash in most savings accounts currently is a depreciating asset (inflation rate > savings rate = bleh).

 

Retirement vehicles are not necessarily pensions, IRA's and 401K's; I agree with people in another thread that betting on your home value as being your retirement is a little foolish, but in some cases it's valid (Los Angeles or other major city in California, bought in 1970 at age 25 or whatever, doing just fine now).

 

The problem with not citing sources is it's impossible to know what the criteria was, and therefore hard to guage the accuracy as a result.

 


I don't have a savings account either, yet my checking is pretty solid. Maybe that's a mistake but it is what it is.. But maybe that's not what OpenG meant.. Btw, should I have a savings account somwhere. Seems like a big hassle.

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Message 62 of 62
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