Savings Plan
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SAVINGS PLAN
Photo by 401(K) 2013
On average Americans save approximately 5 of their earnings. This is the lowest among industrialized countries Japan saves on average 24, they are the highest savers.
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US saves so little in part because of the availability and ease of credit, the financial system as well as an effective Social Security system. However, the US is changing, to depend on todays Social Security for tomorrow alone is a risky venture to say the least.
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Throughout ones career their earning levels will fluctuate the highest level of earnings is most likely achieved around middle age or mid-career. It is at this time most Americans begin to think about retirement and savings.
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we desire a constant level of consumption, represented by the straight red line. We, therefore, will go into debt when we are young, repaying the debt and begin saving in middle age, and dissave in retirement.
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I personally believe that savings should begin with the first paycheck
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I am realistic in acknowledging that most people do not begin to even think about saving or investing until they have reached a certain level of comfort in their income
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