Leakage From Retirement Savings Accounts In The United States

Most orthopedic residents carry significant debt and may enter their practice with little knowledge of business management, minimal retirement savings, and overall poor financial literacy. This study aimed to gauge financial literacy, debt, and retirement planning in United States orthopedic surgery residents. Willingness to participate in formalized financial education was also assessed. Eighty-five allopathic orthopedic surgery residents in the United States completed a 14-question anonymous online survey in 2016. The survey assessed demographic data, self-assessed financial knowledge, amount of credit card debt and loans, preparation for retirement, and willingness to participate in formal didactic education on these topics. Most respondents derive their financial knowledge from personal research (51%), whereas only 4 per cent have a formal curriculum. Despite most respondents reporting more than $200,000 in outstanding loans, only 31 per cent create and stick to a budget. Few programs offer retirement advice, and 48 per cent of respondents save $0 toward retirement. Eighty-five per cent of residents expressed interest in learning about personal investment, savings, and retirement planning. Orthopedic surgery residents carry significant debt and do not achieve their high-income potential until disproportionately later in life. Only 4 per cent of residents have formal training in investing, personal finance, or retirement despite a majority who desire such a curriculum. In fact, almost 75 per cent of those surveyed felt less prepared for retirement than their peers outside of medical training. This study suggests a role for formal financial education in the orthopedic curriculum to prepare residents for retirement, improve financial literacy, and enhance debt management.

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An Update On 401(K) Plans In The United States

Journal of Business & Economics Research (JBER) ◽

10.19030/jber.v6i5.2422 ◽

2011 ◽

Vol 6 (5) ◽

Author(s):

John J. Lucas

Keyword(s):

United States ◽

The United States ◽

Business Leaders ◽

Retirement Savings ◽

Corporate America ◽

The Creation

Today, 401(k) plans have become one of the most popular retirement savings programs offered by corporate America. With their enormous popularity, 401(k) plans have experienced spectacular growth and expansion since their creation under the Revenue Act of 1978. It is estimated that there are 423,000 401(k) plans in the United States with an estimated 1.8 trillion dollars in assets. (EBRI Facts, 2005) This paper traces the creation and establishment of 401(k) plans in the United States. A discussion pertaining to the recently passed Pension Protection Act of 2006 and its major changes regarding 401(k) plans will also be provided in order to assist business leaders in continuing to offer this very popular retirement program.

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Budgets may curtail US nuclear forces

Emerald Expert Briefings ◽

10.1108/oxan-db200588 ◽

2015 ◽

Keyword(s):

The United States ◽

Retirement Savings ◽

Nuclear Forces ◽

Content Type ◽

Nuclear Arsenal ◽

Personnel Costs ◽

Savings Accounts ◽

Trade Offs ◽

The Us ◽

The Military

Subject Upgrading the US nuclear arsenal. Significance The United States is undertaking the most comprehensive modernisation of its nuclear forces since the 1970s and 1980s. Over the next ten years, annual US spending on nuclear weapons is projected to increase from about 15 billion dollars to 25 billion dollars per year to upgrade the three legs of the US nuclear arsenal: land-based missiles, submarine-based missiles and strategic bombers. This recapitalisation is considered necessary to sustain deterrence against growing strategic threats from Russia and China and regional nuclear threats from North Korea, but will entail trade-offs among other military assets far more likely to be used in any conflict. Impacts Russian rhetoric towards Ukraine and eastern Europe will strengthen the hands of pro-nuclear lobbies in Washington. Greater nuclear spending will increase the drive to find savings in military personnel costs. By shifting pensions to retirement savings accounts, it will increase the attractiveness of the military as a mid-career employment option.

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Enhancing medical care in the United States via health savings accounts

Surgical Neurology ◽

10.1016/j.surneu.2005.01.010 ◽

2005 ◽

Vol 64 (3) ◽

pp. 276-277 ◽

Cited By ~ 1

Author(s):

Miguel A. Faria

Keyword(s):

United States ◽

Medical Care ◽

The United States ◽

Health Savings Accounts ◽

Savings Accounts

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The Savings of Ordinary Americans: The Philadelphia Saving Fund Society in the Mid-Nineteenth Century

The Journal of Economic History ◽

10.1017/s0022050700015473 ◽

1994 ◽

Vol 54 (4) ◽

pp. 735-767 ◽

Cited By ~ 25

Author(s):

George Alter ◽

Claudia Goldin ◽

Elyce Rotella

Keyword(s):

United States ◽

Physical Property ◽

The United States ◽

Annual Income ◽

Savings Behavior ◽

Savings Accounts ◽

Savings Bank ◽

Large Nest ◽

Saving Rates ◽

Life Cycle Savings

We explore the savings behavior of ordinary Americans through their accounts at the Philadelphia Saving Fund Society, the oldest mutual savings bank in the United States. Our sample contains all 2,374 accounts opened in 1850. Savings accounts were generally brief affairs, but median balances mounted to about three-quarters of annual income in three years. Deposits and withdrawals were infrequent, but substantial. Only female servants, as a group, used their accounts for life-cycle savings, eventually amassing large nest eggs. Men often used them to hold funds before acquiring physical property. We estimate saving rates between 10 and 15 percent on active accounts.

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