United States: IRS And DOL Issue Initial Guidance On Pension-Linked Emergency Savings Accounts - Caplin & Drysdale

Nearly 50% of Americans , Have Less Than $500 in Savings. In Nov. 2023, GoBankingRates surveyed over 1,000 Americans to find out how much money they have in their savings accounts, CNBC reports. . According to the survey, 29% of respondents had up to $5,000. 21% had over $5,000. Close to 50% said they had $500 or less. When it comes to checking accounts, 60% said they had $500 or less. Only 12% reported having over $2,000. The findings suggest that many people in America are struggling to live paycheck to paycheck. . They're also likely unable to build up an emergency fund, which financial planners recommend. . Inflation and poor savings habits are often to blame, CNBC reports. . Inflation and poor savings habits are often to blame, CNBC reports. . The inability of Americans to withstand an emergency costing $500 or even $1,000 can be financially detrimental, with a domino effect on their life, Alex Lozano, financial planner and founder of Lozano Group Wealth Management, via CNBC. The inability of Americans to withstand an emergency costing $500 or even $1,000 can be financially detrimental, with a domino effect on their life, Alex Lozano, financial planner and founder of Lozano Group Wealth Management, via CNBC