The numbers are pretty startling.
Nearly 7 in 10 Americans have less than $1,000 in savings.
1 out of every 3 Americans has nothing set aside for retirement.
And, according to Federal Reserve data, the median working-age couple has saved just $5,000 for retirement.
How is this even possible?
How could it be that the citizens of the wealthiest country to have ever existed in the history of the world barely have any savings?
Simple. The cost of living has skyrocketed over time. It’s become terribly difficult for tens of millions of people to keep up. Just look at the data –
Housing prices, once again, are at all-time highs. And for those who choose to rent instead of buy, rents in many cities have also reached all-time highs.
This is especially difficult for the Millennial generation, which finds itself spending over of 40% of disposable income on housing costs.
If you add in student debt (which continues to plague millennials), that takes even more money out of their pockets each month.
This post was published at Sovereign Man on January 31, 2017.