Quote:
Originally Posted by Mormon Red Death
the fact that so many young mormon families are not saving for retirement. With social security going to be less (if at all) and hardly any companies holding on to pensions there is a generation of people who will be working till they die. Lets say you take a family of 6. The wife stays at home with the kids while the father works and makes 60k a year take home 48k after taxes and tax refund. That works out to be 4k a month. Where does that 4k go
400 tithing
50 Fast offering and other offerings
1,700 for Housing (250k house)
75 Cable, Phone Internet
75 Cell phones
110 Electricity and Gas
400 Car Payment and Insurance
100 Student Loans
100 Credit Card
200 Health Insurance
That leaves $790 for clothes, gas, braces, car repairs, food etc...
Where is the young mormon family saving for retirement?
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There is going to be a ton of money passed along to the younger generations. The main concern for young people is to make sure their parents and grandparents don't squander their inheritance.