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Finance In America


Just like in any other country, the finance situation in America is getting out of hand. America being a superpower has got an enormous economy. The cost of living is going high because the government wants to keep the economy moving. Few people, especially on the cream of the government do not feel the pinch because they are covered and the state pays their bills. But the ordinary people continue to suffer because of the financial situation in America today. This has contributed to an increase in bad spending habits. People are striving to buy stuff to attain a good life but in real sense they are digging themselves into a hole. Many people are in debts. They will thus continue to live beyond their means and continue struggling to the end. The truth is that it is the bad spending decisions that people, make that keep them working for money.

The Retirement Age in America

In this year alone, a quarter of the working population in America has pushed their retirement to a future date. This is an alarming statistics for the American government. When people get their first job, they want to enjoy and say maybe they will save shortly. In the first years of employment, it is the right time to protect and ensure that you get some financial security. This is not the present situation with most of the Americans. They rush to take credit cards and mortgage loans. This puts young people in a difficult situation. With a loan, it becomes hard to move even in the event of greener pastures. This will thus keep you in a company where you are earning less, but you cannot move because you have your salary committed to paying a loan. This will continue to push your dreams closer to your retirement age. In the end, you will find yourself stuck in your workplace and afraid of leaving even at an old age.

The saving culture

Today people are lucky that the American government has put up a pension scheme for retirement age. However, the sendoff package is never enough. The package could, however, be sufficient if people learned the saving culture. Nearly thirty percent of the families in the United States do not have a savings plan. This continues to put the citizens in an awkward financial position. Lack of saving even for a minor emergency puts the country in an economic crisis.