Home Members Subcommittees Financial Learning Initiative
The October 25th presentation by Doug Fore was a macro view of the global and US economy and identified why we should all be saving for retirement. Upcoming sessions and information will be directed more towards "What should I be doing as an individual?" Over 250 surveys were returned and the results have been tabulated and are being analyzed. Thank you for submitting your surveys and your comments.Doug's main points:
- It is likely that taxes will increase in the future due to changes in government spending
- Healthcare costs are increasing at alarming rates and having significant impact on Medicare, Medicaid and private insurance
- Americans are not saving enough for retirement ï¿½ Average household saving rate has dropped from a 10% to less than zero over the last 20 years (i.e. Americans spend more than they earn).
- Baby boomer retirement and healthcare needs over the coming years will significantly impact on programs like Social Security, Medicare and Medicaid - these costs will have to be borne by Americans
- There is a great need for individuals to:
- Be educated about retirement needs and savings opportunities
- Pay attention to changing retirement needs
- Save all they can and plan ahead
- Start saving early in your career.