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New Study Shows that Almost 50 Percent of Americans Die with Less Than $10,000

by on August 14, 2012

By Samantha Savory

A new study conducted by the National Bureau of Economic Research published earlier this year proved that nearly half of the adults living in the United States die with less than $10,000 when it comes to their personal assets and wealth. With senior citizens being forced to pay on their underwater mortgages well into their retirement years and millions more paying off old student loan debt that was deferred or defaulted on in their earlier years, more than 46 percent of Americans are finding themselves with very few assets left to cover funeral costs once they pass away.

Another contributor to this epidemic affecting American senior citizens is that the majority of them solely rely on social security to cover their living costs – an income that in actuality only covers about 70 percent of estimated living costs in 2012.

On a lighter note, the study does outline that most households are somewhat prepared for retirement excluding major accidents or catastrophes like a major health expense or a natural disaster (i.e. major hurricane, tornado or earthquake damage).

For those individuals in their 20’s or 30’s who are reading this, the best financial advice I can give you is to learn from other generations mistakes and start saving for retirement NOW! Look into what options your employer offers regarding a 401k or IRA – most employers match at least half of what you contribute which is just another way of saying they are giving you free money! The longer your money has the chance to compound and grow in an investment account, the more likely you will retire comfortably and with more than $10,000 in the bank.

Also consider other investment options to create an additional stream of revenue for yourself and put that income towards debts you may have including your mortgage, student loan debt and credit card debt.  Make sure to take power of your finances now and establish healthy personal financial management habits with PowerWallet, a free online money management tool designed to help you stay on top of your bill due dates, budget, set alerts and get access to customized coupons and deals!

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From → Retirement

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