Car Insurance skyrocketing

[Hay Dude]

They've been devaluing the dollar since 2008 until 2020-2022 when they really went overboard, and there's no sign that they have any plans to do anything except continue the same fiscal and monetary policies.

When housing prices essentially doubled between 2019 and today, that is a heck of a lot of financial burden for ordinary people to bear.

Animal intake at shelters is up over 30% at many animal shelters across the US because people can't afford their pets.

I can’t prove with documentation, but I hear a record number of people are cashing in their IRA’s and paying the early withdrawal penalties because they’re broke.

We’re in financial collapse. Gold going through the roof, over-inflated stock market and housing market, funding a lost war, and worst of all, out of control spending in DC.

 

[kenmbz]

I can’t prove with documentation, but I hear a record number of people are cashing in their IRA’s and paying the early withdrawal penalties because they’re broke.

We’re in financial collapse. Gold going through the roof, over-inflated stock market and housing market, funding a lost war, and worst of all, out of control spending in DC.

The IRA withdrawals are in the news. Lots of people hitting them up to pay increasing bills.

online:
Twenty-nine percent of traditional IRA–owning households in mid-2022 took withdrawals in tax year 2021 compared with 23 percent in tax year 2020. Some of the increase in withdrawal activity resulted from the return of required minimum distributions in tax year 2021, which had been suspended in tax year 2020.

https://www.cnbc.com/2023/08/17/401k-hardship-withdrawals-are-rising-in-2023-reports-find.html

 

[MossRoad]

I found some stats that say the AVERAGE 401K balance is about $112,500. However, the MEDIAN 401K balance is only about $27,300.

And here's the breakdown by age groups.

Age	Average 401(k) balance	Median 401(k) balance
Under 25	$5,236	$1,948
25 to 34	$30,017	$11,357
35 to 44	$76,354	$28,318
45 to 54	$142,069	$48,301
55 to 64	$207,874	$71,168
65 and up	$232,710	$70,620

Here it is broken down by incomes...

Annual income	Average 401(k) balance	Median 401(k) balance
Less than $15,000	$20,765	$4,033
$15,000 to $29,999	$13,871	$4,568
$30,000 to $49,999	$28,672	$11,556
$50,000 to $74,999	$66,033	$31,064
$75,000 to $99,999	$113,617	$104,155
$100,000 to $149,999	$186.066	$104,155
$150,000 and above	$340,245	$201,301

I've tried to encourage my coworkers to contribute more to their retirement accounts over the decades, but they won't. It's not that they can't. They won't.

Fortunately, our children listen to us and put away 15% of their income since high school.

 

[riptides]

I found some stats that say the AVERAGE 401K balance is about $112,500. However, the MEDIAN 401K balance is only about $27,300.

And here's the breakdown by age groups.

Age	Average 401(k) balance	Median 401(k) balance
Under 25	$5,236	$1,948
25 to 34	$30,017	$11,357
35 to 44	$76,354	$28,318
45 to 54	$142,069	$48,301
55 to 64	$207,874	$71,168
65 and up	$232,710	$70,620

Here it is broken down by incomes...

Annual income	Average 401(k) balance	Median 401(k) balance
Less than $15,000	$20,765	$4,033
$15,000 to $29,999	$13,871	$4,568
$30,000 to $49,999	$28,672	$11,556
$50,000 to $74,999	$66,033	$31,064
$75,000 to $99,999	$113,617	$104,155
$100,000 to $149,999	$186.066	$104,155
$150,000 and above	$340,245	$201,301

I've tried to encourage my coworkers to contribute more to their retirement accounts over the decades, but they won't. It's not that they can't. They won't.

Fortunately, our children listen to us and put away 15% of their income since high school.

That's scary and too bad at the same time.

 

[CloverKnollFarms]

Hardship withdrawal from 401s are up too. From the bottom up and middle out!

 

[two_bit_score]

Hardship withdrawal from 401s are up too. From the bottom up and middle out!

People are struggling.

 

[ultrarunner]

They've been devaluing the dollar since 2008 until 2020-2022 when they really went overboard, and there's no sign that they have any plans to do anything except continue the same fiscal and monetary policies.

When housing prices essentially doubled between 2019 and today, that is a heck of a lot of financial burden for ordinary people to bear.

Animal intake at shelters is up over 30% at many animal shelters across the US because people can't afford their pets.

Local shelter gets a lot of restricted breeds because insurance will cancel if they have a Pit bull, Rottweiler, Doberman, etc.

 

[MossRoad]

Hardship withdrawal from 401s are up too. From the bottom up and middle out!

I've known people that have taken loans from their 401K in good times as well. It's one of the worst ways to take a loan. Last choice. They had other ways, but they see a few thousand dollars in there and pulled it.

 

[Jchonline]

So very thankful to have USAA.

 

[Hay Dude]

People are struggling.

Why? Isn’t the economy doing great?

Americans' Weak Economic Ratings Slip Further in September

Americans' already dim view of the economy has gotten a little worse in September after the trend lines had pointed up over the summer.

news.gallup.com