DISQUS

Mattress · 1 year ago

wow the country's personal savings rate is negative 1 percent. So what happens when the boomers really start cashing out their retirement funds and there is nobody around who's buying those stocks, because nobody is saving anymore?

Money Matters · 1 year ago

I don't know.. I don't want to think about it. :(

Mattress · 1 year ago

I was thinking about this some more, and I think there will always be people around to buy stocks being sold, but what will probably happen is the gap between rich and poor will expand drastically. Then the government will tax the living crap out of our savings in order to bail out all of the foolish people who didn't live within their means... :(

PT · 1 year ago

Great tips and an interesting way to think about saving money.

hankstram33 · 1 year ago

I like the 10% part where it ISN'T enough anymore. 10% is better than nothing, but really you need to be thinking double that to make a dent at what you're making now. The younger you are, the lower that amount can be. When I first started putting money away, I was socking maybe 2 or 3% away at age 20, but that number increases (hopefully if you're reading blogs like this) as your salary increases. I'm currently sitting about about 23% of my salary going to retirement now and it's paying off.

I'm not eating lima beans and top ramen each night either. Budgeting is a great tool that isn't just for us financial nerds. It helps a TON with planning where you're headed for the future!

FFB · 1 year ago

Great way to look at things!

Mo_Money · 1 year ago

Good article. How does one bring this to the attention of the public? No one is interested in saving for their retirement.