Bankruptcies dont worry me... what worries me is

[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?

[BarbaraGordon]

Originally Posted by Mormon Red Death

Where is the young mormon family saving for retirement?

Families in general aren't saving.

2005 was the first negative savings rate (average US family spending more than they make) since the 1930s.

http://www.cbsnews.com/stories/2006/...n1293943.shtml

[jay santos]

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?

I pay more like $400 for electricity + gas.

[ute4ever]

Originally Posted by Mormon Red Death

100 Student Loans

Only three figures? In my dreams.

[il Padrino Ute]

Originally Posted by jay santos

I pay more like $400 for electricity + gas.

Dang, your carbon footprint is huge. For shaaaaaaaame.

[BYU71]

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?

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.

[YOhio]

Originally Posted by il Padrino Ute

Dang, your carbon footprint is huge. For shaaaaaaaame.

Good point. Add another $400 for Carbon Offset Credits.

[Mormon Red Death]

Originally Posted by BYU71

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.

not with the size of Mormon families... 250k spilt up 8 ways isn't going to fund a retirement

[YOhio]

Originally Posted by BYU71

There is going to be a ton of money passed along to the younger generations.

Are you offering to include the younger generation of Cougarguarder's in your will?

[creekster]

Barbara, didn't I read that the stuidy to which you refer did not include 401k and IRA savings?