Credit Union Blog

“Where does it all go?” is a question asked by many working Americans who seem hard-pressed to save any money toward emergencies and retirement. However, the answer may be steaming in our hands each morning.

The coronavirus situation has created a number of new challenges for our society. Among other things, many people are now facing the reality of a reduced household cash flow. If you're accustomed to operating with a set budget for your monthly expenses, you've no doubt seen how it affects your efforts to make ends meet, but if you've never really put it down on paper, now may be the time to get started. While it might seem like a daunting task at first, once you have a budget in place you'll find how it makes everything easier, and maybe even wonder why you didn't do it sooner.

A recent Nationwide Retirement Institute survey finds nearly two in five retirees (37 percent) admit they did not consider how taxes would affect their retirement income when planning for retirement. As a result, they may have lost the opportunity to save an additional six years' worth of income in retirement.

Only 48 percent of Americans say they could handle a $1,000 emergency expense using cash or savings in their bank accounts, a survey from online loan marketplace LendingTree finds.