Financial Shape of America

The Wall Street Journal, USA Today, and Parenting magazine have released shocking statistics on the financial shape of most Americans: about 70% live paycheck to paycheck, about 50% couldn’t cover one month’s expenses if they were laid off, and 44% systematically prepare for retirement by investing. According to USA Today, only 3 out of 100 people age 65 are financially secure; 97 of them can’t write a check for $600 and 54 are still working. This is a rude awakening when we consider that the federal government now needs to pay back the Social Security System for the $2.3 trillion surplus it borrowed over the years.