I glanced through the paper this afternoon and decided it was better not to know what's going on in the world.
I read that few people have an emergency fund, and that 65% of Americans say they would have some difficulty covering an unexpected $1,000 bill. Please tell me that isn't so, surely Americans are not living that close to the edge.
Reading about funding retirement I was in for more surprises. People born between 1936 and 1945 typically had enough savings, home equity, pension income and Social Security benefits to replace 99% of their annual incomes in retirement.
Early boomers, born between 1946 and 1955 can typically be expected to replace 82% of their income in retirement.
Late boomers, born between 1956 and 1965, are on track to replace 59% of their incomes.
Gen X, born between 1966 and 1975, could see their incomes cut in half in retirement.
Then there's the havoc divorce plays on finances.
I didn't need to know all that. Do you think this could be true? What will the future hold for Americans? Surely it can't be this bleak.
What do you think?