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Young People Aren’t Saving

Tax Foundation - Mon, 2014-11-10 10:00

Young adults in the United States are not saving. In fact, on the whole people under 35 are facing a saving deficit of close to 2 percent.

According to the Wall Street Journal and new data from Moody’s Analytics, the savings rate for those under 35 group has fallen from its post-recession high of 5 percent down to 1.8 percent today. Meanwhile, the savings rate, which is the percent of disposable income that people choose to save, is 2.6 percent for people from 35 to 44 and 5.7 percent for those 45 to 54.

There could be a multiple causes for the discrepancy in savings between the groups, but often cited reasons include student loan debt, a 10.5 percent unemployment rate for those between 20 and 24 years old, and low salaries for those just starting out.

Another interesting story in the data is the fact that all three age groups were not saving in the lead up to the recession in 2008. Americans under 35 faced a savings deficit of 15 percent between 2006 and the start of the recession. Those between 35 and 44 had a savings deficit of nearly 12 percent over the same time frame.

Categories: Tax news

Bailout Act Includes Tax Breaks for the Little Guy

SmartMoney.com - Tax Matters - Wed, 2008-10-08 12:27
The unpopular Fed bailout act does offer some nice tax breaks.
Categories: Tax news

A Smart Tax Move for Short-Term Investors

SmartMoney.com - Tax Matters - Wed, 2008-10-01 11:30
Reduce the tax hit on short-term bets by investing in broad-based equity index options.
Categories: Tax news

Refundable AMT Credit Could Mean Cash Back for You

SmartMoney.com - Tax Matters - Wed, 2008-09-24 09:49
If you exercised incentive stock options and got socked by the AMT, here's some relief.
Categories: Tax news

Borrowing From Your IRA

SmartMoney.com - Tax Matters - Thu, 2008-09-18 08:16
It can be a source for an interest-free short-term loan -- or a bad idea if you do it wrong.
Categories: Tax news

Why Our @*$! Tax Code Is So Confusing

SmartMoney.com - Tax Matters - Wed, 2008-09-10 08:30
I'm a CPA and our stupid tax code even drives me nuts. Politicians, are you listening?
Categories: Tax news

Which Cars Qualify for Alternative Fuel Credit?

SmartMoney.com - Tax Matters - Thu, 2008-09-04 06:34
Here's a list of which vehicles still qualify for the juicy tax credit of up to $3,000.
Categories: Tax news

IRAs Are Better Than Ever as Retirement Tool

SmartMoney.com - Tax Matters - Wed, 2008-08-27 07:03
More folks are eligible -- and the contribution limits are higher. So get on this.
Categories: Tax news

Late Payments of Estimated Taxes Can Be Smart Move

SmartMoney.com - Tax Matters - Wed, 2008-08-20 10:27
If you pay estimated taxes, delaying your payments is remarkably painless.
Categories: Tax news

A Sneaky New Twist on the Wash-Sale Rules

SmartMoney.com - Tax Matters - Thu, 2008-08-07 07:16
The IRS says IRA and other transactions can now trigger the dreaded wash-sale rule.
Categories: Tax news

3 Brand-New Tax Changes You Need to Know About

SmartMoney.com - Tax Matters - Tue, 2008-08-05 11:00
New legislation has changes that will affect many homeowners.
Categories: Tax news
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