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Politics : Politics for Pros- moderated

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To: Lane3 who wrote (101653)	2/22/2005 7:23:17 PM
From: Neeka	Read Replies (3) of 793731

These are the figures that I found quite amazing. It is almost a sin that as a society we don't encourage more saving. The promise of SS and the past tax penalties for saving have created a hole for many that will be difficult to dig out of. M Let's start out looking at workers age 35 to 44; the group includes some younger boomers. The median savings in retirement accounts — meaning half the group has more and half has less — was $28,500, according to the latest data from the Federal Reserve's 2001 Survey of Consumer Finances. These retirement accounts include 401(k)s and Individual Retirement Accounts (IRAs). If you look at workers age 45 to 54, the median amount in retirement savings goes up to $48,000. And workers age 55 to 64 had a median savings in retirement accounts of $55,000. Granted, the numbers are better than they were in the previous survey for 1998. Then, for example, the median for 45- to 54-year-olds was $37,000. But a nest egg of $50,000 or less won't get you far in retirement, especially if you've already got plenty of bills to pay.

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