You can get recent savings rate information at the BEA. For the 4th quarter of 2009 the personal savings rate was just over 4%. The personal savings rate is the percentage of personal income saved, so its the total amount saved / total personal income for the nation.
The Fed has historical data on the personal savings rate going back to 1959. I plotted that data in the chart below to show the trend from 1959 to 2010.
From 1959 to 2010 the Average was 7.0%, the Median was 7.5%, the minimum was 0.8% and the maximum rate hit 14.6%. From 1959 to 1995 the rate averaged 8.4%. The average rate from 1995 to 2010 had dropped to 3.4%.
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Maybe the answer to this is obvious but percent of what? For example you quoted a number of 4%. Is that percent of GDP or percent of personal income?
ReplyDeleteRandy, Its the percent of personal income. I should have said so in the post so I'll make an edit to do so.
ReplyDeleteThanks,Jim
what is the value of a $50k life insurance policy purchased in 1959 worth today?
ReplyDeleteI assume the last poster is asking about a cash value life insurance. The value of a life insurance plan is defined by the terms of the plan. Every insurance policy is different and the investment returns will vary. THere is no way of knowing how much a policy is worth in cash value without reading the specifics of the policy. I would assume that a policy would have some sort of statement that tells you what the cash value is. If you need to know how much a policy is then the only way I'd know is to read your documentation or contact the insurance company and ask them.
ReplyDelete