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IRA Contributions Hit Record High As Unpatriotic Americans "Save More, Pay Off Debt, Spend Less"

Tyler Durden's picture




 

In what could be the most unpatriotic report ever, Fidelity reports that average IRA contributions for tax year 2013 reached $4,150 - an all-time high. That's great news, right? Not if you ask Janet Yellen as Fidelity notes younger investors, those in their 20s, 30s and 40s, are adopting the strongest savings behaviors as Americans are "saving more, paying off debt, and spending less." This is not acceptable in the new normal, don't they know debt is the bridge between hard work and play?

 

Fidelity Investments today released its second annual analysis of over seven million Individual Retirement Accounts (IRAs), which revealed that average contributions for tax year 2013 reached $4,1501, a 5.7 percent increase from tax year 2012 and an all-time high. Average balances were $89,100, a nearly 10 percent year-over-year increase.

“Saving more, paying off debt and spending less were the top three New Year financial resolutions cited in a recent Fidelity study and our IRA analysis indicates that Americans are taking those financial resolutions seriously,” said Ken Hevert, vice president, Fidelity Investments.

...Younger investors, those in their 20s, 30s and 40s, are adopting strong savings behaviors and have made strong increases with overall average contributions—3.9 percent, 6.7 percent and 6.2 percent, respectively from 2012 tax year to 2013 tax year.

*  *  *

We leave it to Steve Liesman to put these unpatriotic saving-not-spending young people straight...

"debt is always pointed out as a negative thing, when in fact debt is the great bridge between working hard and playing hard in this country."

 

"this country has been built on consumer debt," he proudly states

And for Mark Cuban to correct him!!!

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Wed, 07/23/2014 - 16:53 | 4994966 CashCowEquity
CashCowEquity's picture

Steve Liesman, the potato of our time. Wow, that high a position and a complete ass clown.

Wed, 07/23/2014 - 16:54 | 4994972 zorba THE GREEK
zorba THE GREEK's picture

Why are people still contributing to the ' Irish Republican Army ' ?

Wed, 07/23/2014 - 16:59 | 4994994 Lore
Lore's picture

Eye of Ra

Wed, 07/23/2014 - 17:16 | 4995038 BuddyEffed
BuddyEffed's picture

Is Janet somehow counting some of the QE monies or downstream effects as savings?

The filtered message could be, "If you are young and don't have money to spend, then don't fret because some other "mythical" strawman of a young person is "theoretically" not spending money either.

Wed, 07/23/2014 - 17:38 | 4995191 wallstreetapost...
wallstreetaposteriori's picture

must be all those non-qualifed gains on the sidelines making their way into the qualified market.....

Wed, 07/23/2014 - 20:03 | 4995780 max2205
max2205's picture

Well half of most of that is the Co match...still a shit number

I know people who quit 401kng years ago because it's a scam to steal your money...hell the company is going to fire you anyway....Uncle Sam gets 30% plus 10% before 59 1/2

Wed, 07/23/2014 - 20:09 | 4995800 Save_America1st
Save_America1st's picture

I started doing that shit about 6 years ago.  But one thing I hadn't done was cancel the cable TV service.  Until 2 days ago.  I kept the internet part and cancelled the cable.  Man that was great.  Cable company wasn't happy about it.  Fuckers even screwed me over and charged me for my full service yesterday instead of doing what they were supposed to do and deduct the cable cost which was going to be 50 bucks less per month. 

The other fucked up thing is that with internet and cable, the costs were 50/month for the internet part and 85/month for the cable part.  So when I cancelled I was figuring on saving 85/month. 

NOPE.  Those bitchez reversed the charges on me once I cancelled the cable.  All of a sudden I was only going to save 50/month without the cable service and they raised the internet service to 85/month.

oh well...that made me even more happy to cancel that shit.  No more bullshit propaganda to deal with and 300 channels that I absolutely hate while only having 2 or 3 channels that I only like to watch 2 or 3 days a week for an hour or two. 

What a total fucking waste of money. 

Wed, 07/23/2014 - 21:09 | 4996066 Thanatos
Thanatos's picture

Fucking TV is for the biggest idiots...

Broadcast infrasturcture was built with .gov subsidies out the wazoo.

Broadcasters revenue model: Charge SUCKERS to watch 60+% advertising while charging advertisers to show it to the SUCKERS.

When bandwidth gets too clogged with shit, hire a lobbyist  bribe a politico to subsidize some additional infrastructure...

Idiots.

Wed, 07/23/2014 - 23:52 | 4996670 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Do not forget the local charges that the .gov gets. The cable bill is not actually a reflection of the service you get, it is chock full of hidden taxes. Not a defense of the industry but your .gov overlords are never happy till they get some more:

Introduction

Here's a list of the common fees on your Comcast bill, along with an explanation of each.

Regulatory Recovery Fee

These monthly component fees are based on access line, subscriber or usage. They help defray the costs of complying with state regulations (such as telecom relay services for the visually/hearing impaired).

Universal Connectivity Charge (or Federal Universal Service Fund)

This fee is a percentage of interstate and international revenues. It supports a federal fund that ensures the availability of affordable communications services to low income and rural customers (as well as eligible schools, libraries and health care providers).

State and Local 911 Tax

This monthly tax is tallied by access line, telephone number, account, or usage. It helps states and localities fund the 911 and E911 systems, along with other emergency services.

Federal Excise Tax

This 3% tax is imposed by the federal government.

State and Local Sales Tax

This tax is owed to the state or local government by subscribers.

Gross Receipts Taxes; State and Local Utility Taxes

These taxes are levied on service providers; the cost is passed on to subscribers.

State Communications Services Tax

We collect this money on behalf of the state.

Local Communications Services Tax

The rate for this tax varies; we collect it on behalf of the state.

Print
Wed, 07/23/2014 - 21:09 | 4996073 TheRedScourge
TheRedScourge's picture

The fact that people are saving more money now is a good sign that TPTB are about to tank the economy, so that they can confiscate those savings before they start to believe they don't need to be so dependent on the state.

Wed, 07/23/2014 - 17:35 | 4995099 Escrava Isaura
Escrava Isaura's picture

Hedgers: Keeping it simple

Can you name a 'Free-Market" nation?

Can you name a 'Non-Fiat' currency?

And when are you going stop playing? I mean, not working for dollars. Not paying taxes. Or move to another planet.

Wed, 07/23/2014 - 18:00 | 4995259 A Nanny Moose
A Nanny Moose's picture

Argument ad populum.

If everyone walked off a cliff, would you follow?

Wed, 07/23/2014 - 18:00 | 4995266 Escrava Isaura
Escrava Isaura's picture

What make you believe I would?

Wed, 07/23/2014 - 21:11 | 4996078 NemoDeNovo
NemoDeNovo's picture

I don't beLIEve you would, but I have little doubt you would follow the herd without question.........

Wed, 07/23/2014 - 21:54 | 4996259 Escrava Isaura
Escrava Isaura's picture

NemoDeNovo,

I am a Wolf... I hunt alone

Wed, 07/23/2014 - 17:01 | 4995010 Duffy
Duffy's picture

mostly for the neat t-shirts.

Wed, 07/23/2014 - 17:08 | 4995029 lordylord
lordylord's picture

If you are saving in dollars (and never heard of gold) you're better off blowing your paycheck on booze and babes than letting it lose all value in 20 years.

Wed, 07/23/2014 - 17:08 | 4995040 NOTaREALmerican
NOTaREALmerican's picture

Not if you invested in the stock market right now.   They should be going all in.   Don't fight the Fed, our you'll be priced out forever!

Wed, 07/23/2014 - 17:17 | 4995091 ebworthen
ebworthen's picture

(note to voters:  turn on wry sarcasm detector)

Wed, 07/23/2014 - 17:11 | 4995060 ebworthen
ebworthen's picture

A new generation of suckers.

Do they realize that they can't get to the money until they are 59-1/2 years old, and by that point withdrawals will be taxed at 50%?

Wed, 07/23/2014 - 17:27 | 4995138 Ariadne
Ariadne's picture

50%? Withdraw? IRAig? With Senator Pocahontas robbing the cradle, on behalf of some other yet to be named cradle? According to Pharaseosi thats a mandate to wipe out all merkins before they reach the age of 59-1/2. 

Wed, 07/23/2014 - 18:49 | 4995467 Mr. Magoo
Mr. Magoo's picture

Or the government will confiscate everyone's IRA and MYRA and lump it into one gigantic socialist fund of which they will bankrupt just like social security and give everyone else the crumbs which will not be worth much after the dollar collapse

 

http://www.wnd.com/2014/01/obama-step-closer-to-seizing-retirement-accou...

http://www.silverdoctors.com/flashback-jim-rogers-ron-paul-predicted-myr...

http://www.silverdoctors.com/the-401k-scheme-government-to-confiscate/

http://www.zerohedge.com/news/2014-01-29/ira-confiscation-its-happening

Wed, 07/23/2014 - 19:46 | 4995720 cynicalskeptic
cynicalskeptic's picture

BINGO!!!!

After the next market crash - which the banks and financial firms will somehow make money on while everyone else gets screwed - you can bet that the gov will grab retirement accounts and 'protect them' by 'investing' them in government bonds.

This way EVERYONE gets shafted instead of only those with over $100,000 in bank accounts.

Wed, 07/23/2014 - 20:38 | 4995944 Cobra
Cobra's picture

I think it's actually 67 years old for us in our thirties... And if that's the case 50% tax is a gift.

Wed, 07/23/2014 - 17:05 | 4995028 medium giraffe
medium giraffe's picture

Perhaps you should ask Congressman Peter King.

https://en.wikipedia.org/wiki/Peter_T._King#Support_for_the_IRA

Wed, 07/23/2014 - 19:50 | 4995736 cynicalskeptic
cynicalskeptic's picture

There are 'good' terrorists - like white provo IRA types - and 'bad' terrorists like Muslims.  Peter mskes sure the terrorists he supports aren't a threat to the US or its close allies (Britain isn't THAT close an ally and Scotland has the oil and gas)

Wed, 07/23/2014 - 17:41 | 4995089 Escrava Isaura
Escrava Isaura's picture

Zorba... "Why are people still contributing to the ' Irish Republican Army '"

It beats me!

I mean this indoctrination article.

Wed, 07/23/2014 - 18:06 | 4995283 snr-moment
snr-moment's picture

That would be the "investing in yourself" part Mark Cuban was alluding to.

Wed, 07/23/2014 - 18:14 | 4995309 Escrava Isaura
Escrava Isaura's picture

snr-moment... "investing in yourself"

What does it mean?

Could you give an example who is NOT?

Wed, 07/23/2014 - 18:19 | 4995326 snr-moment
snr-moment's picture

Don't get out much, do ya?

I'd start with the Entire Occupy movement and generalize to the entire FSA

Wed, 07/23/2014 - 18:42 | 4995431 Escrava Isaura
Escrava Isaura's picture

So, you're telling me that:

The Occupy Movement is not investing on themselves.

And the FSA, that was closed in 1953, is not investing on themselves.

 

Wed, 07/23/2014 - 18:43 | 4995447 snr-moment
snr-moment's picture

Complaining, as an investment, has had it's run.  Works in good times, not in bad.  Witness the next generation  paying down debt.

The FSA I referred to is still in operation, and, in fact, burgeoning.

Wed, 07/23/2014 - 18:49 | 4995466 Escrava Isaura
Escrava Isaura's picture

Sir, with all the due respect,

Did you look at student loans?

Wed, 07/23/2014 - 19:02 | 4995535 snr-moment
snr-moment's picture

Student loans?  Would you call that "investng in yourself"?  For some maybe, for most it's becoming the equivalent of an upside down mortgage. Propped up by the regime, because higher-ed has beome a jobs program for the US.

Wed, 07/23/2014 - 19:11 | 4995588 Escrava Isaura
Escrava Isaura's picture

Sir, you are the one that said "Investing in yourself" and that “the next generation paying down debt.”

Would you like to reconsider your statement? Or, clarify it.

Wed, 07/23/2014 - 18:53 | 4995484 Escrava Isaura
Escrava Isaura's picture

Then, you said: "Complaining has had it's run"

Can you show me it here?

Wed, 07/23/2014 - 19:04 | 4995553 snr-moment
snr-moment's picture

I can show you 7 trillion of new debt. I can show you stagnant GDP and stealth inflation.  All the complaining in the world won't fix our economic woes.

Wed, 07/23/2014 - 19:13 | 4995592 Escrava Isaura
Escrava Isaura's picture

So, in this case,

Do you know how much is the private debt?

Thu, 07/24/2014 - 08:59 | 4997413 N2OJoe
N2OJoe's picture

Do you mean in addition to the tens of Trillions in public debt being slammed onto the back of the private taxpayer?

Wed, 07/23/2014 - 19:03 | 4995544 sessinpo
sessinpo's picture

Escrava Isaura   So, you're telling me that:

The Occupy Movement is not investing on themselves.

And the FSA, that was closed in 1953, is not investing on themselves.

----

just because one is investing in oneself, doesn't mean it is a good investment. One can mal-invest towards itself. I put the Occupy movement in this category. They think they are investing well, but most of them are uninformed and propagandized. Thus there efforts are mal-investments. I put the bitcon community in the same category.

As for the FSA, it has just been broken up and expanded into other departments. And an expansion of government is truly mal-investment.

Wed, 07/23/2014 - 19:10 | 4995584 Escrava Isaura
Escrava Isaura's picture

sessinpo,

I was answering, more like inquiring, a previous statement by snr-moment

Wed, 07/23/2014 - 19:17 | 4995608 Escrava Isaura
Escrava Isaura's picture

sessinpo, you said: "FSA, it has just been broken up and expanded"

FSA was closed way back. Do you mean the "National Security Agency" in Columbia, Maryland?

Wed, 07/23/2014 - 21:14 | 4996093 NemoDeNovo
NemoDeNovo's picture

FSA = Free Shit Army, but I'm pretty sure you knew that, just continuing to be a good Alinsky Agitator aren't you?

Wed, 07/23/2014 - 21:59 | 4996280 Escrava Isaura
Escrava Isaura's picture

NO! I didn't know about this slogan/abbreviation.

But thanks to let me know... So now I can make sense of the message.

Wed, 07/23/2014 - 23:58 | 4996682 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

FSA= Free Shit Army... will never end even when less than 20% are supporting the other 80%.

 

Teach a man that taking from his fellow citizen is a "right" and he will never learn what "wrong" means.

Wed, 07/23/2014 - 18:51 | 4995473 Freddie
Freddie's picture

Obama, Democrats and RINOs will just confiscate it all one day.  Sooner than you think.

Wed, 07/23/2014 - 19:08 | 4995573 sessinpo
sessinpo's picture

Freddie   Obama, Democrats and RINOs will just confiscate it all one day.  Sooner than you think.

----

If I could give you 1 billion up votes I would Freddie. Government is a parasite that expands to kill the host. We are the host. Everything will be subject to stealing to our parasitic government. They have no morals and only follow laws favorable to them. Either internal war or total subjugation is in the future.

Wed, 07/23/2014 - 20:33 | 4995922 The Alarmist
The Alarmist's picture

Q: "Why are people still contributing to the ' Irish Republican Army ' ?"


A: They're investing in Ireland, where the capital is Dublin every day!"

Wed, 07/23/2014 - 17:14 | 4994991 hedgeless_horseman
hedgeless_horseman's picture

 

 

...that high a position...

What are you talking about?  Liesman is a CNBC reporter.  This is a position only slightly higher than...well...nothing.  His status is even below every other junior varsity cheerleader on the planet because he is older, heavier, uglier, and balder.  He is right there with Baghdad Bob.

As CNBC's senior economics reporter, Steve Liesman reports on all
aspects of the economy, including the Federal Reserve and major economic
indicators.

 

http://www.cnbc.com/id/15838058

 

"Just remember...if you can't be an athlete...be an athletic supporter."

Wed, 07/23/2014 - 17:15 | 4995081 ebworthen
ebworthen's picture

I'd add "dumb as a box of rocks and a walking hemorrhoid" but thanks for the supporter joke, that's our boy Stevey.

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