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Contributed by mm | May 30, 2005 8:43 PM PST
Unless we can count on housing appreciation forever, we need to go back to the basics by saving for the rainy day.
From Forbes:
The nest eggs are cracked. Nearly 28 million U.S. households--37% of the total--do not own a retirement savings account of any kind. Among the households who owned a retirement savings account of any kind as of 2001, according to a 2004 report by the Congressional Research Service, the average value of all such accounts was $95,943. That number was distorted by the relatively few large accounts, and the median value of all accounts was just $27,000.
The median value of the retirement accounts held by households headed by a worker between the ages of 55 and 64 was $55,000 in 2001, the CRS says. To that, Stein adds that just 11% of all Americans have retirement savings of $250,000 or more.
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The Cullens Are Millionaires! (March 12, 2006)
WSJ columnist Terri Cullen, who reported on personal finance blogs a year ago among the first in major financial media, achieved million-dollar-net-worth milestone lately. For those who is still working toward the millionaire status, Terri shares why a million dollars does not mean everything. To ...
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