According to a new study from the Employee Benefit Research Institute, forty-five percent (45%) of older households (those over 50 years) made money transfers to a younger family member—– up from 39% in 1998. Among those aged 50-64 it averaged $4,000 annually. For those over 64 the amount averaged $2,000. This trend will most likely continue as boomer kids continue to be strapped with student loan debt and unable to secure good paying jobs. No worry about estate taxes for the kids. There will most likely be nothing left in the 401k accounts.
Archive for August, 2015
A June 2015 Wells Fargo Real Economy survey of 3, 533 adults found few Americans have a positive view of the economy.
*Only 22% believe the public education system prepares youth for the workforce. Recent reports seem to confirm employers’ inability to locate skilled workers
*Only 22% believe they will have a financially secure retirement. The Federal Reserve recently published a survey and found 31% of Americans have no retirement savings or pension
*Only 17% believe the U.S. has a strong middle class. Outsourcing of jobs and the decline of unions are seen as factors in the decline.