 |
|
| |
News » Median net worth drops 40% in U.S.
June 12, 2012
The median net worth of U.S. families fell nearly 40 percent from 2007 to 2010.
That's according to figures from the federal reserve, and they're not surprising to a local financial advisor.
Christina Winch of Winch Financial in Appleton says the problem is more than falling home prices. She says many people are pulling money out of their retirement accounts to help their adult children who have lost jobs and homes.
Winch says many retirees are also helping their elderly parents, because they're living much longer. She says the trend could continue for the foreseeable future, especially considering the high national debt.
Winch says many people will have to delay their retirements until age 70. She says people need to save as much as they possibly can during their working years.
Winch says there are some simple things people can do to shore up their nest eggs, like as purchasing short-term municipal bonds, between three and 11 percent. She says dividend-paying stocks are a good option for long-term investors. |
|
|
|
