Knowles System

Retirement and Savings

There has been a DRAMATIC DECLINE in the U.S. personal savings rate, from nearly 8.5% in the early 1980s to less than zero today.
Only 25% of Americans believe they can save $200,000 or more in their lifetime, and 20% believe winning the lottery is the only way they will accomplish this.
According to the Commerce Department in 2005 the savings rate fell to -0.5%. As a nation, we're borrowing money at a record clip to pay for a lifestyle well beyond our means.
Every dollar we spend is actually 6.7 dollars lost forever.
Over 64% of working Americans live pay check to pay check.
Retirement plans are in jeopardy with the government allowing organizations to use retirement plan assets to pay their debts in order to avoid bankruptcy. The pension plans retirees have grown to rely on are being cut out.
The average 50 year old in the USA has less than $2,300 in savings.
Almost 75% of the elderly 65 years and older retire with less than $10,000 combined income per year.