Taking the following savings quiz will reveal how much you understand about the
realities of saving in America.
A. The U.S. Treasury says that Americans hold about $15 billion in loose change.
A. According to one recent survey, the typical amount Americans spent last year on
unexpected expenditures was $2000. Surprisingly, lower-income households in the
survey cited the same amount.
A. According to the same survey, two-thirds of unexpected expenditures were related to
medical care or motor vehicles.
A. One will never pay off balance. All payments pay off only interest owed.
A. According to one study, if family incomes are the same, those families with a plan
save about twice as much as those who do not have one.
A. An employer’s match to a contributory workplace retirement plan such as a 401(k).
Some employers, up to a certain level, will match each employee dollar contributed, thus
guaranteeing at least a 100% yield on this savings.
A. For a male at age 65, he should have $620,000 saved to ensure an average income
of $50,000 a year for life, for a female at age 65, she should have $665,000.
A. In 2006, 25% of individuals age 65 and older relied 100% on Social Security
payments for their income.
A. Tell your employer or bank to transfer, each month, as much of your paycheck as
possible automatically to a savings or investment account. This is a far more reliable
way to acquire $100,000 than to buy lottery tickets or wait for an insurance settlement.
A. Over $170,000 will have accumulated, and most of this amount will represent interest
earned and compounded.
A. Through buying a home and paying off the mortgage in full. Over four-fifths of the
assets of lower-income homeowners represent home equity.