A recent article from USA Today basically asked the question of this post. I was defiantly intrigued to read more. You often hear the magic number of one million dollars. Normally this is considered a goldilocks number. The number to shoot for in order to have a comfortable retirement. So does any age group on average actually have this amount saved?
The short answer is no. The most any age group had was the 60 to 64 group with about 165k. The only other age group with over 100k on average was the group right before this one, 55 to 59. This is not good news because it means many are headed into retirement dependent on the government. They are going to be dependent on a government that is over twenty trillion in debt with no plans on how to pay it off and no plans on how to make welfare programs like Social Security sustainable.
The number that stuck out to me most was that according to the EBRI, by the end of 2013 Americans had amassed $2.46 trillion worth of retirement assets. This sounds like a lot of money but it really isn’t. In fact our current auto loan and credit card debt comes out to about this much. Right before the great recession, consumer debt had hit almost 13 trillion dollars in America. I have no idea what it is right now but 13 trillion is 5 times as much as we have in our retirement accounts.
In my opinion our priorities are out of line. The here and now has become way more important than sacrificing today for the hope of a better tomorrow. This isn’t just an American problem either. Search “total consumer debt hits record high” and you will find articles from all over the world such as Canada and the UK showing the same problem.
I do believe we can fix this issue and we must fix this issue. Not just for our us but for our families and our country. It might have to be a slow process but you can tear down a brick wall one brick at a time. The wall of debt that we’ve created has to fall. We can’t continue to let it stand as tall as it has in the past. Will you help me tear it down?