The website CNNMoney reported back in May that a shocking number of Americans, 49% to be exact, are not setting aside funds for retirement. In a country where 77 million baby boomers will reach retirement age within the next 20 years, that is a chilling statistic. The Life Insurance and Market Research Association, known as LIMRA, conducted the survey cited by CNNMoney.
A June 12th article in the Fiscal Times noted that, in the US, “10,000 people reach retirement age every day, while 401(k) accounts have been drained by the recession, pension funds are strained, and social security funds are near the breaking point.”
As a whole, Americans have gotten out of the practice of saving money. In tougher economic times, the percentage of savings from disposable income was much higher. Between 1960 and 1980, our personal savings average was 14.6%. Of those Americans who are managing to save a bit for their Golden Years, the average amount is 5.8%, which falls far behind other countries such as Austria, Australia, Portugal, Germany, and Sweden, where putting aside 9% of one’s disposable income is standard.
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Your wallet holds some of the most important pieces of your day: money, identification and credit cards. When any of these things are lost or stolen can result in both stress and damage. Following the steps below can help alleviate some of the stress and help minimize damages if your wallet is ever lost or stolen.
It can take considerable effort to live beneath ones means, or to spend less than you make, but this is crucial for building wealth. Most Americans have something they want to save for, be it a rainy day, retirement, a vacation, next year’s holiday gifts, or a child’s education (maybe even all of these!) The tough part can be deciding how to allocate the funds left over each month after all the bills are paid and essentials are purchased. Should that extra money be saved? Should it be invested? Should it be used to pay down debt? The answer is extremely personal and no one can make this decision for you, but here are some factors to look at.
As the new year quickly approaches, this is a great time to work on getting your financial house in order. With so much to do during the months of November and December, it’s important to prioritize your budget and finances to ensure that you can save as much money as possible and keep your big picture finances working for you.
Do you have a friend or family member who regularly immerses him or herself in managing their investments, balancing the checkbook, or setting personal fiscal goals and budgets? We know some people like that, too! 
