Brace yourself, this is how much America's 1% has saved

[Zorro]

Some of these people are not like the others.

The median American household currently holds just $11,700 in savings, according to a new analysis of Federal Reserve and Federal Deposit Insurance Corp. data by personal-finance site Magnify Money. Median balances (the midpoint value) are lower than the average savings rates. The top 1% of households in the U.S. by income have a median savings of $1.1 million across a variety of saving accounts. The bottom 20% by income have no savings accounts and the second lowest 20% income earners have just $26,450 saved.

The average savings in retirement, money market deposit, checking and savings and certificate of deposit accounts are skewed by higher earners with more money. The top 1% of households have an average of $2.5 million in accounts, while the bottom 20% of households have an average of $8,870 saved. To put that in context: The average household has $277,670 in retirement accounts and $4,830 in savings accounts, while the median household only has $72,840 in retirement accounts and $32,130 in savings accounts.

Stagnant wages, student debt, soaring house prices and rising credit-card debt have not helped people save. “Lots of families are living paycheck to paycheck and struggling to save even a little,” said Caroline Ratcliffe, a senior fellow at the Urban Institute, a nonprofit policy group based in Washington, D.C. “Limited savings isn’t only an issue for low-income families. Quite a few middle- and high-income families have no savings cushion to fall back on. One in 5 middle-income families and 1 in 10 high-income families have no retirement savings.”

https://www.marketwatch.com/story/brace-yourself-this-is-how-much-americas-1-has-saved-2018-08-24

[WestIndianArchie]

1. These scumbags should be stripped of every dime

[Doreen]

2. Gee, I wish I was the bottom 20%.

That sounds like a nice savings/retirement to me.

[EarthFirst]

3. Guaranteed Minimum Income & Medicare for all...

At this rate; what other choice do we have?

[FakeNoose]

4. In the 40's, 50's and 60's Uncle Sam used to tax the one-percenters

They weren't called one-percenters then, but they paid 50% of their earnings in federal income tax. Eventually they figured out how to play games with declared income, they hid their money in trust funds, and other schemes, but they PAID their TAXES. Our country did very well for awhile. But that was a long time ago, we need to start doing it now.