Fed. Says, “Families Still Living Paycheck To Paycheck”
One-quarter of working individuals have no retirement savings, Fed survey shows. Fed. Says, “Many Families Still Living Paycheck To Paycheck Contrary To Trump-Speak” (#GotBitcoin?)
Many American households remain financially fragile and uncertain about their retirement prospects despite a booming job market that is lifting wages, according to a Federal Reserve survey released Thursday.
One quarter of working individuals say they have no retirement savings at all, the survey said, and 44% worry that their saving isn’t on track. Among younger workers, aged 18 to 29, 42% have nothing set aside, and only 26% believe they are adequately prepared for retirement.
Households are also struggling to cover their day-to-day expenses, the survey found, with 17% saying they wouldn’t be able to pay all their bills during the month of the survey. In most cases, that means they expect to forgo making part of their rent, mortgage, credit card or utility payments.
Roughly a quarter of adults skipped medical care in 2018 because they were unable to pay, and about 40% have unpaid debt from unexpected medical bills incurred last year.
And almost 40% of Americans said they wouldn’t be able to cover an unexpected $400 expense. In most cases, they said they would rely on credit-card balances or loans from family and friends.
The Fed has conducted its annual survey of household well-being since 2013. Over the past six years, the results suggest a steady improvement in Americans’ economic situation.
But the large share of households who still report some form of financial vulnerability could be a sign that the improvements the economy has made over the past decade haven’t been sufficient to allow many families to move beyond living paycheck to paycheck.
Still, Americans are largely upbeat about their financial situation, the survey found. Three out of four respondents said they were doing OK or living comfortably, up from 63% in the 2013 survey. Nearly two out of three described their local economic conditions as “good” or “excellent.”
Meanwhile… U.S. Government Is Also “Living Paycheck To Paycheck”..
Treasury To Sell $203 Billion In Debt
U.S. Treasury Department next week plans auctions of securities ranging from 13-week bills to seven-year notes
The U.S. Treasury Department will auction $203 billion in securities next week, comprising $149 billion in new debt and $54 billion in previously sold debt. Details (all with minimum denominations of $100):
Tuesday: $36 billion in 13-week bills, a reopening of an issue first sold on Feb. 28, 2019, maturing Aug. 29, 2019. Cusip number: 912796SF7.
Noncompetitive tenders for the 26-week and two-year securities must be received by 11 a.m. EDT Tuesday and competitive tenders, by 11:30 a.m. For the 13-week and five-year auctions, the deadlines are noon and 1 p.m., respectively.
Wednesday: $18 billion in one-year, 11-month 0.139% floating-rate notes, a reopening of an issue first sold on April 30, 2019, maturing April 30, 2021. Cusip number: 9128286Q8.
Noncompetitive tenders for the FRNs must be received by 11 a.m. Wednesday; competitive tenders, by 11:30 a.m. For the seven-year notes, the deadlines are noon and 1 p.m., respectively. Fed. Says, “Many Families, Fed. Says, “Many Families, Fed. Says, “Many Families, Fed. Says,