A recent article by Maurie Backman of The Motley Fool appeared on MSN. The article stated that almost half of Americans die nearly broke. A recent study by GoBankingRates discovered that 59% of American adults admitted to having less than $1,000 in savings. Another study found that 46% of retirees die with savings of less than $10,000. When other assets, such as a home, is taken into account, the number gets a little better.
The issue is that if senior adults are dying with little savings, it means they are vulnerable to unexpected expenses. This is why adults over 65 carry over $6,300 in credit card debt. They do not have much in the way of liquid assets. Younger people have years to work in order to offset debt, but older adults often have no way to earn additional income.
Now is the time to address the issue. Make a decision today to begin to save an emergency fund, even if it means a change in lifestyle. This applies to younger folks as well as senior adults. I believe the church needs to be addressing the financial issues confronting members. We cannot afford to be silent, when so many are making bad financial decisions.