2018.03.19 Not Saving Money

March 19, 2018
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NEW $URVEY:

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Are You Saving Enough?

65% of Americans save little or no money.

Only 1 out of every 6 people save more than the recommended 15% of what they make, according to a new survey from Bankrate.

WHY THIS IS WORRISOME

Encouraging Economy = NOT Encouraging Savings

  • Unemployment Rate is at a post-Recession low = more employed
  • Best wage growth since 2009 = making more money
  • Consumer sentiment at 14-year high = growingA confidence in the economy
  • S&P 500 (a gauge of stock market performance) is up 3% in 2018, after 21% rise last year.

WHY AREN’T WE SAVING?

  • 39%A cited “expenses” as the biggest obstacle
  • 16% blamedA their crummy job (which presumably means they aren’t earning enough)
  • 16%A said they aren’t saving more because they “haven’t gotten around to it.”

READ THE BANKRATE SURVEY HERE

FINANCIAL FAIL

‘With a steady, significant share of the working population saving nothing or relatively little, it’s virtually guaranteed that they’ll be unable to afford a modest emergency expense or finance retirement.’



Mark Hamrick, Bankrate Analyst

So How Much Do I Need To Retire?

Experts recommend saving at least 10% of your income each year.

Aim to save at least:
1x your income at age 30
3x at age 40
7x at age 55
10x at age 67

Ready to Retire? See how your savings stack up here:

by Jenna Lee,

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