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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 An article in the San Francisco Chronicle says that some economists claim the government's methodology is outdated while others worry that Baby Boomers will not have enough saved for retirement, which is six years away for the oldest of them.
According to the article, some economists believe the official savings rate is outdated because it doesn't take into account personal wealth from stocks, bonds, and houses.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
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...