Is saving money really saving when the amount in a bank account wouldn’t last a month? Well, something is better than nothing and, for many Americans, their “something” is going to turn into “nothing” in less than 30 days. Sadly, reports indicate 1/3 of Americans who put money away for retirement only have about $1,000. Needless to say, that is not anywhere near enough money to cover the costs of retirement living. Most people in such a position could be working a job well into their 70’s in order to survive.
At some point, saving money for retirement has to become a priority or else disaster is going to ensue. Most people do not come until this realization until very late – too late – in life. Why do people end up with so little during their retirement years? There are a lot of really great things to spend money on. People who earn money love to spend it. There is no shortage of luxury items in which to direct one’s funds. Budgeting how much is spent is not a priority for some, but is handy for others. Consider all this the sad effect of doing nothing but living in the moment.
To say this is an alarming new trend would be an utter misnomer. People have been spending more than they should since the dawn of time. And people have been suffering the consequences of said actions for just as long. Take this ominous report as a warning. Start saving today.