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  1. #1
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    Financial Optimism in the U.S.

    Planning and Progress 2014 Study



    Northwestern Mutual again explored the state of financial planning in America today to obtain insights into peoples attitudes and behaviors toward money, goal-setting and priorities. The 2014 study surveyed nearly 2,100 American adults 18 or older.




    Financial Optimism in the U.S.
    Americans feel slightly better about their financial circumstances today than they did a year ago, yet their optimism is tempered by the need to close a gap in their long-term savings and the continuing effects of the slow-growth economy. Forty-two percent of adults age 25 and older expect their financial situation to improve this year, though one in five say they still have a lot of catching up to do.

    "One-quarter of adults 25 and older (26%) do not believe they値l be financially prepared to live to the relatively young age of 75, based on their current financial condition, future prospects and long term plan."


    This figure is misleading. Yes, 25% do not believe they will be financially prepared to live to 75, but a significant portion of those who do believe they will be financially prepared to live to 75 are wrong.


    "Nearly 40% don稚 believe they値l be financially prepared to live to 95."

    This would include me, not because I don't think I'll have the money, but because I am pretty sure I won't live that long, so being prepared to do so is a low priority.

    "Only 27% own stocks and only 14% own bonds
    23% own mutual funds
    14% own real estate
    24% own term life insurance, and 23% have permanent life insurance
    14% have an annuity
    9% have long term care insurance, and 8% have disability insurance
    39% have an IRA
    6% have a college savings account"


    This shows that poor people will remain poor, and rich will get richer. Stocks, bonds, mutual funds, real estate are all ways rich people keep and make their money. that the numbers are so low shows that most people aren't doing the thing they need to do to make and keep money.
    Life insurance is important - if you don't have it and you need it, it will cost you most of everything you could earn the rest of your life.
    Only 39% are smart enough to have an IRA. That number should be 95%. That it isn't is a pretty good guarantee that people will be crying to Big Gov't to support them in their old age because they weren't bright enough to save money for it.
    If you have kids, you should have a college savings account. If you are a kid you should have a college savings account. All these schmucks who don't will at some point be demanding that Big Gov't save them and pay for their education.

    These numbers show why Big Gov't socialism is on the rise in this country - because people are too stupid to do for themselves what they cry to the gov't to do for them, even though such is not the duty of gov't in a free society. And the health of the economy is inversely proportional to the size and scope of gov't.

  2. #2
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    The median pretax income for working people in the USA is abut $25,000. Expecting people to open IRAs, buy life insurance, stocks, bonds, mutual funds under those circumstances is rather silly. Meannwhile, the government has been cheating retirees for decades now by unstating the real inflation rate for real people who buy real stuff to live. Hence SS has become less and less viable as a means of support for people who worked and contributed to this society their entire lives. Blaming the average man for not preparing for retirement is just mean spirtited apologising for a system that is cheating most of us.
    Shoes for industry. Shoes for the DEAD!

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