Half of Americans pass away with nearly zero wealth. The middle class has contracted by ten percent in the last 40 years.
from My Budget 360
A recent study demonstrates the precarious financial position many Americans find their lives in. The National Bureau of Economic Research found that nearly half of Americans pass away penniless. The exact figures were sobering stating that many of these Americans end up with no financial assets including home wealth and typically rely heavily on Social Security. This study points out a couple of important items regarding the state of the economy for many families. Many simply cannot save and end up relying on external funding. The system is witnessing heavy strain on these sources at a time when government spending is off the charts for bailouts and other targeted spending. Yet the typical American is still ending up in a financially precarious state. In the last four decades the middle class has contracted by ten percent. What does it say about the economy when half of the inhabitants of the wealthiest country pass away with almost no wealth?