The past few years of economic turmoil have been hard on millions of Americans, but some Americans are weathering the storm better than others. Older Americans have seen significant gains in financial well-beingpared with younger generations. According to a recent report from the Pew Research Center, there is a rising “Age Gap” in America’s wealth.
Older Americans (age 65 and over) have seen their net worth increase roughly 42 percent during the past 25 years (1984 to 2009), while younger Americans (age 35 and younger) have a median net worth that is 68 percent lower than people their age enjoyed 25 years ago.
There are many lessons from this Pew Research Center report about America’s rising “Age Gap.”
The older people are, the richer they be.
As of 2009, America’s median net worth the total wealth of a typical household adding up all assets like homes, stocks, savings, retirement funds, and subtracting all debts was $71,635. However, the
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January 2012 Financial Security Index
“With a stock market essentially flat, the comfort levels slipped a bit.”
Although it seems as if clients are starting to feel more comfortable with the economy as a whole, they remain pessimistic with regard to their personal financial situation. Most of our clients include savings in their total invested assets when they talk about their comfort level. This past year, with a stock market essentially flat, the comfort levels slipped a bit. In a few cases, although fairly rare, our clients have had to face pay cuts or general uncertainty about their jobs. I think that also has had an impact for those clients. A few have had to invade savings or investment accounts to sustain their budgets.
Velocity Credit Union knows you have enough on your plate and it can be hard to find new ways to save money. With a Check Plus checking account from Velocity, Austin, TX depositors can put their savings on auto pilot with a 0.50% APY checking account rate. Open a checking account at this money-saving rate without skipping a beat.
Checking Account Rate Terms and Conditions
A minimum daily balance of $5,000 must be maintained by all members in order to earn dividends at the 0.50% APY checking account rate. Should balances drop below this requirement, a $7.50 maintenance fee will be incurred. Dividends are accrued immediately and are compounded monthly. Members will be paid monthly dividends at the end of the month.
About Velocity Credit Union
Velocity Credit Union proudly operates as a non-profit financial institution that promotes stable financial planning.
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Tags: Credit Union, Union, Velocity Credit, Velocity Credit Union
The following is a guest post.
Maximizing your savings potential is all about freeing up cash in other areas of your life in order to siphon the extra funds into those savings accounts. This isn’t always easy, however and those New Year’s resolutions to save quickly end up falling by the wayside.
Cutting back is actually easier than you may think. The first thing to do is get an accurate estimate of how much you spend each month. Studies show that people tend to underestimate their monthly expenditure, which is why taking note of every penny for thirty days is so important.
Once you can see where your money is going, it will be much easier to determine where cuts can be made. A good example is your phone service.
Superfluous Stuff
In this day and age, it’s not necessary to have multiple phone lines. While
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Tags: Savings, Savings 2012
Not many people know what a public official bond is. Public official bonds ensure that individuals serving the public such as tax collectors or judges follow the rules of their county/state. The people of New Albany, IN may soon become fans of public official bonds pending a ruling on a recent case where a public official allegedly mishandled thousands of dollars.
Ronald Quakenbush, a former Floyd County Highway Department superintendent allegedly mismanaged thousands of public funds. Quakenbush supervised the county highway department and its disposal of guard rails, old culverts and other salvageable pieces. The highway department transported metal to various recycling companies that paid for the scrap; the cash and receipts were to be given to Quakenbush to be forwarded to the county auditor. According to the State Board of Accounts (SBoA) audit, Quakenbush never sent $12,526.67 in cash payments from the recyclers.
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Tags: County, County Losing