Financial tightrope reality
The US is a mainstay country along with Canada in our global community. Are you aware that 50% of Americans have no retirement savings at all! Most of all of them have less than $1,000 saved!
35% sport just a few hundred dollars in savings accounts. 34% have nothing. Only about 15 out of 100 have $10,000or more salted away!
Here is a great age related advisory for saving salary related percentages:
-20-30 25% of salary saved
-30 the same amount as your current salary saved
-35 your salary x 2 saved
-40 your salary x 3 saved
-45 your salary x 4 saved
-50 your salary x 5 saved
Job loss and medical emergencies can hit and long term medical coverage is atrocious. the advisory is to have three to six months of earned expenses for emergency in an interest bearing fund!
Dedication to the opportunities presented in Wealthy Affiliate can help significantly with this savings necessity. Our work here can provide critical insurance!
More at this source if you care to read!
http://www.msn.com/en-us/money...
Recent Comments
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Great post! I am thankful every day that my father taught me at a very young age to save money.
I've got an automatic savings account that automatically takes a certain amount from my main bank account each week and puts it into a savings account. I had to dip into a few weeks ago because of an unexpected car repair, but I was glad I had the money to cover it and I still have more then enough for another emergency should one arise.
Just treading water here. Had to use up some savings to remove a big pile of debt. Now, trying to rebuild the saving back up where I really need it to be. And of course, no where close yet.
Now that is an eye opener!!!!!! Yikes!!!!
This is a very useful post for all of us.
Thank you, Mike.
Susan :)
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Considering the number of baby boomers entering retirement...this is worrisome. Interesting information. Debbie