Half of Americans are saving next to nothing

[el_em_en_oh]

(CNN, MONEY) Roughly half of Americans are saving 5% or less of their incomes, including 18% that are not saving anything, according to a survey from Bankrate. Only about a quarter of people are saving more than 10% of their earnings.

So how much should you be saving? Bankrate recommends 15%.

"Between emergency savings and the ever-increasing burden of retirement savings that is on the individual, the goal should be 15% of your income," said Greg McBride, the personal finance website's chief financial analyst.

Currently, one in seven people are saving more than 15%, the report showed.

"For a lot of people, it won't happen overnight. It's going to take some time, but it's doable, as the middle class is showing."

Those in the middle class are proving to be the super savers with 35% of people with an annual income of $50,000-$74,999 saving more than 10% of their earnings.

Of those taking home more than $75,000 a year, 32% were saving more than 10% of their income, according to McBride.

Saving more is easier said than done, which is why McBride suggests making it automatic by having a portion of each paycheck be directly deposited into a savings account and a retirement plan. "Saving needs to happen before you pick up your paycheck."

Bankrate's Financial Security Index, which surveyed 1,000 adults in the U.S., also showed consumers are feeling better about their debt and financial situation compared to a year ago, which could actually be bad news for savings accounts.

"People get frugal fatigue, as the economy improves I think a lot of people will fall back into familiar habits ... more spending, more debt, less savings."

SOURCE: http://money.cnn.com/2015/03/30/pf/income-saving-habits/index.html

[Vance2335]

I have CC debt, 1 car payment and house. CC debt is being taken down monthly (only 1 CC debt) and just reduced my house from 25yrs to 15yrs.

So my hope is in 15 years only have debt from a car because with 2 car house hold we get a new one after one is 10 years old, so every 5 years one of us gets a new one.

[el_em_en_oh]

So out of 300,000,000 people... they surveyed 1,000, and popped these statistics out.

This nation has an economy that is BUILT on debt. It's the American way.

Personally, I have no credit-card debt (revolving debt in general), but I know I'm one of the few out there that can say that. The onlyest debt I have, is a mortgage. Don't even have a car-payment (I pay cash for my vehicles and keep them until the wheels fall off).

I fear for the future of this country, and those in my generation that won't be able to retire until they're 90 y/o.