Monday, February 01, 2010

Personal Savings Reaches 11-Year High in 2009

According to today's BEA report on "Personal Income and Outlays," personal savings (percent of disposable personal income) was 4.8% in December, and the average savings rate for 2009 was 4.575%, the highest annual average rate since 5.26% in 1998.


At 2/01/2010 11:28 AM, Anonymous gettingrational said...

Saving at least 10% is sage and proven good advice - personally and nationally.

BTW, the figures for the dramatic drop in savings correlates with our starting to have kids (mid 80's) and rise as they begin to leave home in 2004 and later! Sorry that our family warped the figures so much.

At 2/01/2010 12:41 PM, Blogger Paul said...

Sometimes I think it's pointless to bother saving my money when Obama and the Democrats are busy hurtling us into national bankruptcy. My savings will be worthless when the hyperinflation kicks in.

At 2/01/2010 1:25 PM, Anonymous Anonymous said...

I have to agree with Paul, saving money is a risky business requiring eternal vigilance. The government is ever trying to devise ways of confiscating the savings of those who live their lives responsibly, either through taxation, inflation or outright confiscation (see FDR's confiscation of individual gold holdings).

Obama's advisors are currently looking at mandating that all 401k holdings be turned into annuities managed by Social Security. The government would then determine your payout and keep the remainder upon your death. Even if they fail to get this passed, be assured that they will devise a scheme of taxation to accomplish the same ends. Welcome to the new "progressive" United States.


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