The Almighty Dollar

Restoring some fiscal sanity in our -- negative savings rate -- lives

3.05.2006

The typical American family has...

$3800 in the bank and an average credit card balance of $2200.

The Washington Post takes a look at new data released from the Federal Reserve about American families and savings. The article gives a detailed breakdown of the average household by life stage: young, mid-career, retired, lower income, and upper income. Some scary stats:

- Only 40% of households under 35 have a retirement account.

- More than half of mid-career households (45 to 54) have a retirement account, but the median value is just $55,000.

- Upper income folks make more money but only have a median value of $70,000 in their retirement accounts.

People, we need to save more!!!