Dead Broke Aside Posted on August 10, 2012 by Editor (Retired) This just in: Nearly half of older Americans have a net worth of less than $10,000 when they die. Share this post with friends and family.FacebookTwitterRedditPinterestEmailPrintLike this:Like Loading...
Hi John, I left a comment that I think went to spam. I have a problem since starting my new blog. (I never know who I am because I’m always approving my own comments and get notices that ‘Michelle’ posted to my blog).
I’m surprised that it is only half of Americans, because so many people don’t have any savings. I know people who would like to be worth 10,000 when they die, which is sad.
Your blog looks great. I hope you are doing well and my apologies for not visiting more often.
Thank you Michelle! Yes, many retired people scrape by with Social Security as their only or primary source of income. Many who used to have savings — or at least equity in their house — have lost much of it in the Great Recession, which continues. And of course many retirees run through their meager savings trying to pay increasing medical bills as they age. Not a pretty picture. But I have to keep reminding myself that money, after all, is not the most important thing in life. We could all use more “healing.” Thanks for your new blog.
I wouldn’t be surprised if I heard that a very large percentage of middle age and younger Americans have a negative net worth. Are there any statistics on that?
Considering the high levels of student-loan debt and credit card debt, and the low-paying jobs available to younger workers, I think you are right. Many people are probably legally bankrupt, but they keep trying to pay their bills and mortgages anyway.