On several occasions we've pointed out that the baby boomer generation is, to put it mildly, ill-prepared for retirement. In fact, over 50% of baby boomers have basically no savings set aside for retirement at all. Now, a new survey from Northwestern Mutual helps to shed some light on why Americans are completely incapable of saving money.
First, roughly 50% of Americans have debt balances, excluding mortgages mind you, of over $25,000, with the average person owing over $37,000, versus a median personal income of just over $30,000.
Therefore, it's not difficult to believe, as Northwestern Mutual points out, that 45% of Americans spend up to half of their monthly take home pay on debt service alone....which, again, excludes mortgage debt.
More/Video
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
Understand the difference between want and need, then stop buying the crap that you don't actually need.
I see too many 'kids' out there with their BMW's and Mercedes...and no 401(k)! They really think the gov't will be there to take care of them in the lifestyle they have now!
This is a result of the Liberals promoting excess consumption. If there's a new iPhone or iPad or TV or car available, all of my Liberal extended family members have to purchase it almost immediately, even if they don't have the cash to do so. Meanwhile, my conservative immediate family members -- the ones I married and raised -- take the time to understand which are wants and which are needs, and then almost always keep their wallets firmly in their pockets. It's all connected to the breakdown of the strong family unit.
Post a Comment