We’ve all heard, over and over, that Americans are not saving enough money to retire. While the most recent data on savings shows a slight uptick in savings, the facts are still quite frightening. According to a Government Accountability Office report, the percentage with nothing put away among those age 55 and older has decreased recently from 52% to 48%. It’s nice to see that improvement, but what exactly are the 48% with zero savings going to do to survive?
Why aren’t Americans doing enough to save for retirement?
People know they need to save - unawareness isn’t the root problem. Let’s take a closer look at some of the contributing causes.
Student loan debt in our country has reached horrifying levels with no end in sight!
Are your personal finances stressing you out? If yes, these 6 steps can help you better understand exactly where you stand financially, give you confidence that your personal finances are under control and help you plan for your future. Good stuff.
Getting good credit has been elusive for many who fall short in the ways in which FICO credit scores have been traditionally calculated. FICO scores have been calculated for decades based on borrowers’ payment histories. If you didn’t borrow you couldn’t build credit history. Using cash for a purchase, regardless of how large or what kind of purchase, doesn’t contribute to building your credit history.
How much do you need to retire and at what age should you retire?
Deciding when to retire is usually a combination of when a) you qualify for Social Security, b) when you qualify for Medicare, c) when you decide to take Social Security and d) when you feel confident retiring. Of course life circumstances such as loss of employment or poor health can force the decision but for most of us, safety nets and adequate resources are the determining factors.
Housing markets across the globe are showing signs of strain. A recent study published on Fortune showed how homeowners in Hong Kong need to work for 22 years to afford a 646-square-foot-home. Hong Kong tops the UBS Global Real Estate Bubble Index for 2018.
Money, quite simply, is an emotionally charged topic.
When people think about having a lot of money they think about how it can bring them happiness and fulfillment - and an exciting new definition both to their lives and their very sense of self. It’s not the actual numbers that make the difference. The definition of ‘a lot more money’ is different for everyone and is reflected in what people want to do with it.
Is owning a home still an essential part of the American dream? Yes! According to a 2017 Pew Research Study, 43% of respondents said that owning a home was an essential ‘Dream’ element.
Despite remaining part of the ‘American Dream’ homeownership is at its lowest rate since 1994. 64% of Americans own their own home in 2018, down from the peak rate of 69% in 2005.