Wednesday, September 30, 2009
Wealth Inequality on Steroids!
Do you know how much of the total US wealth the top 1% of households controls? A staggering 34% (as of 2004). Which means that as a nation we onlly have 66% of the total wealth to address the needs of the other 99%. No wonder why we have the health care and other social problems that we do.Think about it -- if the top 1% of HHs only controlled 17% of total net worth, the rest of us would have 27% more resources to attend to basic needs.
How Much Will Boomers Have to Retire On?
I did a little analysis and keep up with some interesting figures. Let's assume you are a 53 year old boomer today. Based upon the average value of a 401K for this age group, the average net equity in your home, and social security payouts, here's what it looks like:
IF YOU SELL YOUR PRIMARY RESIDENCE:
- And retire at age 62, you'll have $3494/mo to live on
- And retire at 65, you'll have $4,655 to live on
-And retire at 67, you'll have $5852 to live on
IF YOU DON'T SELLL YOUR PRIMARY RESIDENCE:
- And retire at age 62, you'll have $2352/month to live on
- And retire at age 65, you'll have $3109/month to live on
- And retire at age 67, you'll have $3,946/month to live on
Not draconion, particularly in some areas of the country, but definitely eye-opening!!!
IF YOU SELL YOUR PRIMARY RESIDENCE:
- And retire at age 62, you'll have $3494/mo to live on
- And retire at 65, you'll have $4,655 to live on
-And retire at 67, you'll have $5852 to live on
IF YOU DON'T SELLL YOUR PRIMARY RESIDENCE:
- And retire at age 62, you'll have $2352/month to live on
- And retire at age 65, you'll have $3109/month to live on
- And retire at age 67, you'll have $3,946/month to live on
Not draconion, particularly in some areas of the country, but definitely eye-opening!!!
What do Baby Boomers think government's role should be?
We asked our online panel of 150 boomers their thoughts on the role of govt. vis a vis the economy and social issues. Here's what they told us (they were allowed to chose more than one response):
• 46% - “I’ve seen the flaws of unregulated capitalism and I’m for more government intervention.”
• 20% - “I am dedicated to the principles of capitalism now more than ever.”
• 32% - “I think it’s the government’s role to make sure that all people have equal access to housing, healthcare, education and a dignified retirement.”
• 9% - “People should fend for themselves. The smaller the government, the better.”
• 45% - “I’m disgusted with government’s role because it’s rewarding failure and bailing out people who made mistakes.”
• 6% - “I think Socialism is a good idea and it will help us solve some of today’s problems.”
• 46% - “I’ve seen the flaws of unregulated capitalism and I’m for more government intervention.”
• 20% - “I am dedicated to the principles of capitalism now more than ever.”
• 32% - “I think it’s the government’s role to make sure that all people have equal access to housing, healthcare, education and a dignified retirement.”
• 9% - “People should fend for themselves. The smaller the government, the better.”
• 45% - “I’m disgusted with government’s role because it’s rewarding failure and bailing out people who made mistakes.”
• 6% - “I think Socialism is a good idea and it will help us solve some of today’s problems.”
Subscribe to:
Posts (Atom)
Posts
