Elder financial abuse costs older Americans more than $2.6 billion a year, but for each case of abuse reporte...Read more
New Report Finds Americans Are Not Saving
- August 17th, 2005
Americans aren't saving, and many are spending more than they earn. The Commerce Department's Bureau of Economic Analysis has reported that the personal savings rate in the United States reached zero percent, but economists differ on whether to worry about the drop. An article in the San Francisco Chronicle says that some economists claim the government's methodology is outdated while others worry that Baby Boomers will not have enough saved for retirement, which is six years away for the oldest of them.
According to the article, some economists believe the official savings rate is outdated because it doesn't take into account personal wealth from stocks, bonds, and houses. The value of these assets has gone up considerably over the years. According to the article personal and nonprofit net worth has grown 24 percent in the last three years. Therefore, the argument goes, because people are wealthier, they do not need to save as much. If worst comes to worst, the economists say, people can sell their stocks or their houses.
Other economists are not as optimistic about the numbers. They worry about what happens in the long term if there is a housing slump or the stock market crashes. The economists are concerned that retiring Baby Boomers, selling their houses, will drive down the housing market. In the short term, falling savings may also hurt retail sales and consumer spending.
To read the full article, click here.
Local Elder Law Attorneys in Ashburn, VA
Hale Ball Carlson Baumgartner Murphy PLC
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...