Elroy,
This is why the USA should have "forced savings account" for each indivdiual.
And I'm not talking Soc Sec, because SS is "forced savings account" that the govt overspends. But rather, forced personal savings that neither you nor the govt can touch, that you get when you retire.
RE: "When I read that the average Net Worth of 50 year old Americans was less than $40,000, including home equity, I too assumed this was wrong."
Scary !
RE: "Net Worth is $181,500 for every Australian man woman and child"
So that's $181k per capita, not per household? Certainly better than the USA. No wonder you like Australia. It sounds like they have a better government.
RE: "The personal savings rate in the United States has dropped from 8 percent in the 1980s to just under 2 percent since 2000."
In 1982, I remember my Grandparents saying this country was going down hill because the savings rate had declined. We all thought anything below 10% was horrible. I've always saved at least 20% of what I've earned, usually 25% to 50%. When I didn't earn much money, I could easily save half. Now that I earn more money, my take home is only 49% so it's impossible to save half of gross. My insurance bills are horrible - about 16k per year. That's not including health care insur.
Regards,
Amy J |
