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Americans are spenders, not savers, says AMAC

The French and the Irish save as much as 16% and 19% of their incomes, Americans save less than 4.5%

 
PRLog - Mar. 21, 2014 - WASHINGTON, D.C. -- Retirement is an “elusive dream” for too many Americans, according to senior citizens advocate Dan Weber.  “The younger they are the more likely they will be to put off planning for retirement until it’s too late.  They are what some call the ‘invincible’ generation.”

But Weber, president of the Association of Mature American Citizens, noted that saving for retirement is not a priority even for older folks.  “The average 50 year old has less than $50,000 in savings, hardly enough for a retirement that can last as much as 18 years or more.”

A new survey out this week revealed that more than a third of Americans have less than $1,000 put away for a rainy day.  “It’s a startling revelation, but Americans, even in good times, have been historically lax in saving for the future, at least for three decades. Thirty-odd years ago we were saving at rates of 10, 11 and 12 percent of our incomes.  Today we’re setting aside a little more than four percent, on average, for emergencies and retirement,” Weber added.  “It’s not enough but it’s also not surprising with job creation at unacceptably low levels and unemployment and underemployment rates that have remained consistently high ever since President Obama took office.”

Weber said he believes that there are other reasons people aren’t saving enough money in the U.S.  They range from personal spending choices to a lack of government incentives for low and middle class workers.

For example, he said, a recent report by the Consumer Federation of America notes that only one-third of the U.S. population lives within its means and feels comfortable about the future, one-third are just able to live within their means and another third are struggling.  Meanwhile, an analysis by the Pew Charitable Trusts showed “low income Americans receive less than one percent of so-called federal tax benefits compared with high income earners who receive as much as 70% of tax code benefits.”

“The French and the Irish save as much as 16% and 19% of their incomes, on average, compared to Americans who save less than 4.5% of their earnings.  It’s one area where the U.S. falls dangerously short of the mark as a trend-setter.”

NOTE TO EDITORS: Dan Weber is available for telephone interviews on this issue.  Editors and reporters may contact John Grimaldi by phone at 917-846-8485 or via email at jpgrimaldi@verizon.net to set up a call.

ABOUT AMAC
The Association of Mature American Citizens [http://www.amac.us] is a vibrant, vital and conservative alternative to those organizations, such as AARP, that dominate the choices for mature Americans who want a say in the future of the nation.  Where those other organizations may boast of their power to set the agendas for their memberships, AMAC takes its marching orders from its members.  We act and speak on their behalf, protecting their interests, and offering a conservative insight on how to best solve the problems they face today.  Live long and make a difference by joining us today at http://amac.us/join-amac.

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John Grimaldi Consulting
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Source:Association of Mature American Citizens
City/Town:Washington - District of Columbia - United States
Industry:Family, Finance
Tags:retirement, senior citizens, financial planning, social security, saving accounts
Shortcut:prlog.org/12298269
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