Not saying a lot of people aren't living paycheck to paycheck but those #s can often times be very deceiving. Sometimes published savings rates don't include deferred comp contributions and stuff like that.
There are just different ways of measuring that and it can sometimes make it sound worse than it is.
I don't live paycheck to paycheck, but over 7k a month goes into my retirement. Those totals grow every year as well as long as I keep working. When I retire in around 7 years I'll be doing great.
That is a very large amount.
Think mine is roughly 1K if that.
Just curious what the definition of "paycheck to paycheck" is? Where is the line drawn?
One thing I will stress to all of my kids is to start saving for retirement very early. It's amazing how that balance grows quickly over time.
Think my wife contributes $250 to retirement each month and they contribute $500 for that $250.
I am right now. I refinanced about a year ago or so, though it would be easier than it is. I'm moving soon, plan on doing a lot of cuts in my own budget.
If you don't work for two weeks, you have no food. If you don't work for one month, you have no money to pay rent.
I don't think that's what the story meant.
I would be shocked if that's the case for 76%.
I think ink just about everyone has a 401k or IRA of some sort