Tuesday, September 30, 2014
It is not knew news that there is a large gap between the retirement savings account values of the lowest and highest income brackets in the U.S. However, the gap has grown significantly over the past decade. Top bracket individuals have seen a 24% increase to their median value of their retirement accounts and savings, while savings accounts for the lower income brackets have seen a 20% decrease from 2004 to 2013. In addition, 90% of wealthy individuals and only 9% of low-income individuals have a retirement savings account.
See Melanie Hicken, Retirement Savings Gap Widens Between Rich and Poor, CNN, Sept. 18, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.