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IRA Contributions Hit Record High As Unpatriotic Americans "Save More, Pay Off Debt, Spend Less"
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!!!
. @CNBC you couldn't be any more wrong in your advice to millennials. First pay off debt. Then invest in yourself. The stockmarket is last
— Mark Cuban (@mcuban) July 23, 2014
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Steve Liesman, the potato of our time. Wow, that high a position and a complete ass clown.
Why are people still contributing to the ' Irish Republican Army ' ?
Eye of Ra
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.
must be all those non-qualifed gains on the sidelines making their way into the qualified market.....
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
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.
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.
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:
IntroductionHere's a list of the common fees on your Comcast bill, along with an explanation of each.
Regulatory Recovery FeeThese 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 TaxThis 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 TaxThis 3% tax is imposed by the federal government.
State and Local Sales TaxThis tax is owed to the state or local government by subscribers.
Gross Receipts Taxes; State and Local Utility TaxesThese taxes are levied on service providers; the cost is passed on to subscribers.
State Communications Services TaxWe collect this money on behalf of the state.
Local Communications Services TaxThe rate for this tax varies; we collect it on behalf of the state.
PrintShare
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.
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.
Argument ad populum.
If everyone walked off a cliff, would you follow?
What make you believe I would?
I don't beLIEve you would, but I have little doubt you would follow the herd without question.........
NemoDeNovo,
I am a Wolf... I hunt alone
mostly for the neat t-shirts.
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.
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!
(note to voters: turn on wry sarcasm detector)
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%?
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.
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
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.
I think it's actually 67 years old for us in our thirties... And if that's the case 50% tax is a gift.
Perhaps you should ask Congressman Peter King.
https://en.wikipedia.org/wiki/Peter_T._King#Support_for_the_IRA
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)
Zorba... "Why are people still contributing to the ' Irish Republican Army '"
It beats me!
I mean this indoctrination article.
That would be the "investing in yourself" part Mark Cuban was alluding to.
snr-moment... "investing in yourself"
What does it mean?
Could you give an example who is NOT?
Don't get out much, do ya?
I'd start with the Entire Occupy movement and generalize to the entire FSA
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.
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.
Sir, with all the due respect,
Did you look at student loans?
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.
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.
Then, you said: "Complaining has had it's run"
Can you show me it here?
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.
So, in this case,
Do you know how much is the private debt?
Do you mean in addition to the tens of Trillions in public debt being slammed onto the back of the private taxpayer?
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.
sessinpo,
I was answering, more like inquiring, a previous statement by snr-moment
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?
FSA = Free Shit Army, but I'm pretty sure you knew that, just continuing to be a good Alinsky Agitator aren't you?
NO! I didn't know about this slogan/abbreviation.
But thanks to let me know... So now I can make sense of the message.
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.
Obama, Democrats and RINOs will just confiscate it all one day. Sooner than you think.
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.
Q: "Why are people still contributing to the ' Irish Republican Army ' ?"
A: They're investing in Ireland, where the capital is Dublin every day!"
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.
I'd add "dumb as a box of rocks and a walking hemorrhoid" but thanks for the supporter joke, that's our boy Stevey.
Be earned his Nobel Prize actually. And as the PSSR seems prepared to go the way of the USSR "con gusto" I'm more than willing to give this guy a pass. He witnessed first hand the "deep state implosion" and I think correctly sees the problem as not being "too much communism in the USA."
The dollar is still well nigh worthless...so for his thesis to be accurate (growth without inflation) we would have to see a big surge in the Bucky.
We'll see.
Boeing got hit hard today on great earnings news. I think half the planet deciding "give war a chance" is starting to impact the global airline industry.
Liesman or Obama?
Liesman is an establishment hack, a bag carrier, a disingenuous sop - and I'm trying to be nice.
damn, is it me or does liesman look like a ferengie in that picture?
hedgeless_horseman.... "Liesman is a CNBC reporter. This is a position only slightly higher than...well...nothing.
So why are you advertising 'Wasting time' on him?
I don't know. Maybe, because I fear that some of my family, friends, and neighbors might actually think he is credible and knowledgeable because he is in "such a high position" and buy into his sell-side and .gov propaganda.
I am afraid you’re expecting too much of brainwashed people.
H_horse,
So say your best friend came to you and asked you: I just read about this IRA. What do you think?
You may think you're smart ut you're not. It's like you'e searching for a bad smell only to realize it's coming out of your ass.
nightshiftsucks,
Not smart....
"Just the facts, ma'am"-- Dragnet's 1953He's the Ted Baxter of business reporting.
"How about a Fresca!?"
That is being way too hard on Ted. Ted never hurt anyone with his nonsense. However, since you bring up the topic, the obligatory MTM shot...
Fox alert
HH she was so damn hot. Grew up watching her pointy things making my thing get pointy.
The UGLY, IT BURNS!
Isn't there some rule on ZH against posting pictures of douchebags?
Steve Liesman and his family and friends make a living from the polices of the FED. Why would he ever believe that what they are doing to the nation is not a good thing.
Bought and paid shill for the Federal Reserve. This POS still claims that his economist buddies who have recieved the " The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel " is an actual Noble Prize. He never makes the distinction which proves he is a liar.
There is no prize for Economics given by the Noble Prize system in case some you did not know
Its fucking amazing isn't it? That this was the best CNBC could do. That they couldn't find ANYBODY else more qualified. But thats what it has come to hasn't it. We've stood capitalism on its head and Liesman typifies the end result of doing just that.
I think they did pretty good with him. He "sells" the American dream. It's all about "selling" (putting bullshit into the brains of) dumbasses.
Pareto... "That this was the best CNBC could do."
What's your best? Show us.
I'll bet all my silver that the 401k's and the IRA's are gonna get reaped well before any of us hit retirement
I'm not a big fan of Cuban but my opinion just went up a notch. I hope the kids live debt free. That is the peaceful way of telling the bankers to go fuck themselves.
Pay off debt? What the fuck!! Dont these TERRORISTS know debt is wealth?? I believe its even a line (or should have been ) in 1984:
“War is peace. Freedom is slavery. Debt is wealth. Ignorance is strength.”My bet is that Steve Liesman, if you pulled a credit bureau on him, is flat ass broke, and has two or 3 judgements against him with a credit utilizaion rate of over 95%.
i might be inclined to agree with that speculation. he's always bleary eyed so i suspect he might be drinking heavily which would explain a LOT.
I believe he's a dead/pot head
And apparently he can jam a guitar
"I believe he's a dead/pot head, and apparently he can jam a guitar "
Nothing wrong with that !
Good thing the consumer isn't really 70% of the economy ...
I believe the American economy is now bombs and bribes.
While I applaud savings, isn't the IRA just another mechanism into Wall Street's front-running, derivatives ridden casino of theft and pillagary?
The fed is upset because record amounts of retirement money is being stuffed into the stock market?
has this place lost it's mind?
The BANKS don't want a huge increase in savings as that flattens their spreads and hammers their trading profits.
It does mean IF TRUE however interest rates will remain "at or near zero" for a long time and could create fuel for a surge in consumption of say...fuel cells, solar batteries, airships, you name it.
I rolled mine over from a previous employer 3 years ago to a self directed ira. Half of it is now PM's in storage, other half in cash.
Unless 'storage' is under your direct control, half your IRA is cash - a promise to pay and the other half is ....a promise to give you gold
Physical possession.
Yep, it's the prime robbery mechanism for Fraud street, that and pensions.
Debt ='s Slavery
But remember the markets are rigged & manipulated
It is a "SPECIAL" club for the bankers & you aint in it
"Debt = Slavery"
However, one can just walk off this plantation and use guillotines to "payoff" the debt.
The most powerful weapon the American people have to use against the DC US tyrants is Rejection.
The system of fraud and theft that has been built up upon the backs of the American people is dependent upon our backs. Withdrew our backs, and the whole thing collapses. This is our greatest weapon.
Quit Paying--put it into food, steel and lead, and precious metals, etc. They stole what ever "debt money" they loaned you in the first place via fraudulent-reserve banking and soon you won't be able to pay them anyways, so just stop now.
Quit Obeying--If they are in violation of the Constitution then they are criminals and not legitimate.
Quit Playing--Quit being a tool for them to use.
The Four Rs
Rejection: Quit paying, quit obeying, quit playing
Revolution: It is inevitable, so prepare, as they are.
Retribution: The guilty must answer for their crimes against the American people and the Constitution.
Restoration: Restore the American people, country and Constitutional republic.
Well, they could walk off the plantation, if only most of them weren't completely dependent upon it.
Besides, if the people go rogue, they'll soon find themselves as popular as Putin, with a terrorist label to boot.
Oh, and TPTB would stop propping everything up and let the SHTF.
Divide and conquer. So simple, even an immature criminal can do it.
Governors COULD start budgeting responsibly...keeping the teachers but ditching the overhead. Letting Google Prime handle mail delivery "for a cost less than the typical PO Box."
Start seizing Federal Properties in the name of economic development.
I see nothing wrong with larger States issuing their own currency if backed by gold either. We'll see how well the Texas National Guard does at securing Texas' border.
Well, they could if the states weren't on the hook too. They owe Uncle Sugar billions for unempleyment insurance benefit loans.
http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2014/0...
Disable,
I have a friend in Arlington, VA that's married to a teacher and he told me that his wife makes around $120 thousand. And when she gets her PHD she will make $160 thousand.
Would like to reconsider your statement?
And that's sustainable ?
You would have to ask Disablevet, because Disablevet said: "Governors COULD start budgeting responsibly...keeping the teachers
With respect, but faith in pols or crats at any level is misguided at best.
Governors SHOULD be made to go away.
"Hey, guillotine and governor both start with 'G'."
Agreed. The 47% know where their checks come from, and that's the reason for all the ire directed at the Tea Party. They know what happens if the minority of taxpayers doff the yoke.
Nick Jihad, you said: "47% know where their checks come from"
Here's a $10 dollars challenge: That you have NO idea how the money you earned came to creation?
It bothers me when I lose rouge when I go rogue on my luge.
suckers.....
Why anyone takes neo-Keynesian premises seriously - I can not understand. Especially people who have any sort of even low level background in science.
You have fiat loaned into existence at interest, you have fractional reserve money creation...more interest... debt outstanding will always grow faster than money, sorry currency supply, and currency supply will increasingly trend toward recipients of interest payments. It's quite simple.
Loaning more to spend more can't work forever, and we're well past the point where deficit spending isn't affirmatively hamstringing future growth, etc.
This fuckery relies on sophists with PhDs talking to journalists and politicians who are easily convinced by jargon and buzzwords like "create jobs" - even in the absence of even weakly circumstantial evidence that government deficit spending does a fuckin' thing but add to debt and transfer more wealth to aggregations of extant capital.
Fuckers!!!
aaargggh!!! it's all so fucking stupid... these fucking fucks and their fuckery!!!
Don't forget the 1st law of bullshit.
Anything + bullshit -> $ ^ bullshit.
Try it out for your self: pick up any object near you. How much is it worth? Now, create some good quality bullshit about it and ask your self how much it's worth?
See? Lot's more. Works on debt, works on fiat (of various types), works on deities.
Bullshit, don't leave home without it.
paying off debt is the best investment a young person can make. it is a guaranteed tax free return which also lowers overhead enabling even greater savings. the old days when you got decent interest on bank deposits and tax writeoffs for mortgage interest are OVER.
I'm pretty sure the best investment is maxing it out and defaulting. Wait seven years, and repeat.
That and seriously minimizing monthly expenses.
Start an "Obama Misrepresentation Income Trust" where he certifies in a prospectus that the value of MyRA government bonds will never go down and then all of his post-presidency speech revenues can be paid directly to the investors?
Damn "hoarders".
Terrists! Bet they don't support the troops either.
Fuck you Mr. Janet Yellen,
Why don’t you march your chrome dome ass back to the handler you report to. Frankly, I really don’t need any new shit & quite happy with my lifestyle.
Watch this video Janet. There is no ROI when you bleed a US country to fight wars for something that is only driven for a few singular people.
"...average IRA contributions for tax year 2013 reached $4,150 - an all-time high."
The sheeple never learn.
Gold and silver. Steel and lead. Grub and ground.
"Guillotine nutritional guidelines: Eat two helpings of bankster for every one of pol and crat."
I got a letter at work from HR recently pointing out that I was missing out on planning for my retirement.
Never mind that I stopped contributing to this scam of a casino several years ago.
Reminds me of when I worked some corp. nearly 20 years ago.
HR and the "administrators" could not believe that someone would not "participate" in their scheme. I would get letters and even called in with my supervisor to "discuss" it.
During one of their "open-enrollments" at our location I quietly explained inflation, fees, 'tax erosion," discounting, etc. to the two broads, yes broads, that they had sent. I basically told them that taken all together, I was much better on my own, "Thank you very much."
They must have had a "don't bother" field in their database, as I was never bothered again.
Note: "Broad" is a woman whose main competence is looks.
I picture Washington and fraud street in my mind like the elite in the last days in Berlin,sex and blow because they still can and the end is near
I was thinking that reading the MM gating article.
Que Hitler bunker rant at finding out he cant get his money in 3...2...1...
Herding the sheep to Wall Street so they can be shorn clean.....in a staged crash. Not enough sheep buying equities!
It's all called reversion to the mean although savings of just over $4000 per year does not make for any sort of retirement especially when interest rates are negative in real terms.
If they listened to Steve Liesman, they'd be all in stocks and, after 50 years, they'd have so much money they'd be billionaires. Remember, America is about RISK taking. With risk comes reward, and winners never quit and quitters never win, and unless you give 110% (in stocks) you're not going to be able to complete with those who are.
Keep stacking... cans of corned beef and sardines that is.
Liesman listeners stack SPAM
Gotta be cheaper than that can of Spam ($2.50) that I saw at wm yesterday! I also did notice that trader jackoff's is no longer selling canned roast beef from brazil! I had a can of that beef the other night!; it had expired 3 years ago, but it tasted great!
I'm maxed out on debt. I plan on paying back all my loans with Weimar dollars.
Weimar Marks - Zimbabwe Dollars
More bang for your banknote with Zimbabwe currency - if you can get someone to accept it.
Hundred trillion dollar notes
don't forget the gov debt that keeps growing is on our backs for generations
CNBC featured a Yahoo! Finance poll that asked:
"Recent studies indicate millennials prefer to sit on the cash they save. Are millennials a lost generation of investors?"
21% said "Yes".
29% said "No, they'll just be late bloomers."
50% said "You need to have money to be able to invest."
Which means that 71% don't have money to invest or don't believe in investing. Ooops!
http://finance.yahoo.com/ (halfway down the page on the right margin)
They left out this response: "You need to have a free market to invest."
Good source of bail-in funds.
Oh by the way, fuck you old people.
After all your bitching that we're poor because we're lazy and have our iPhones up our asses all day, it fucking turns out that you are the looters and the millennial generations are busting ass to save as much of their meager wages as possible after you yank half of it for free pills and Hoverrounds.
We should render your fat down into oil and use you to lubricate our motors for what you did to us.
Git your goddamn libertarian hands off my Medicare you goddamn hippy socialist, I'm entitled to all goddamn hip replacements I want, I PAYED FOR THAT Medicare!
And get a goddamn haircut, you look like a girl!
Direct your anger where it will do some good. The enemy does not reside at your local seniors center, the enemy is a fiscally irresponsible government serving crony-capitalists focused on global domination.
Please add to that ridiculous public pensions!!!
Go choke on your free condoms whipper snapper.
Normally I don't like that Cuban blowhard, but this time he is exactly right.
Lies man working for a propaganda company
Irony of Parody?
You decide...
Conpersons are in control, pretending they are good guys. Just look at the fifth chart here.
http://patrick.net/forum/?p=1246619
"F___ the future! Spend it all now!"
I have 3 IRA's with a total of $50 in each!
Ha! let the bitch try and raid them in the up-comming divorce!
Sniff, sniff, sniff.......
Smell that? A whole new generation of people developing libertarian/conservative ideals.
Smells like gasoline and barbecue.
The Americans are starting to sound like Japanese
Why pay off the debt when the gub'mint will bail you out...
Why pay off the debt when the gub'mint will bail you in...
FTFY, ;-D
Q: Can IRAs, etc. be bailed in???
This all came from the "You're worth what you owe" mentality of the 60's and 70's.
Lies-man, is CNBC for douche bag par excellence.
Debt is the bridge between personal freedom and debt slavery.
The borrower is slave to the lender.
These amerikans obviously don't understand how a debt based monetary system effeciently works. Yes, pay off your debts and watch as the money supply dry up quicker than vegas.. Use your new 401K ATM Loan and boost the economy LOLOL
So...there are some millennials with brains. I hope they watch out for the unknown unknowns that could side-swipe them. Do they know what the total debt figures are n this country?
Rack up all kinds of debt, put the money into Bitcoin, and then declare bankruptcy..