{"id":300,"date":"2020-07-14T00:25:23","date_gmt":"2020-07-14T00:25:23","guid":{"rendered":"https:\/\/market-wisdom.com\/?p=300"},"modified":"2020-10-20T17:29:48","modified_gmt":"2020-10-20T17:29:48","slug":"forced-savings-the-only-way-americans-will-ever-save","status":"publish","type":"post","link":"https:\/\/market-wisdom.com\/index.php\/2020\/07\/14\/forced-savings-the-only-way-americans-will-ever-save\/","title":{"rendered":"Forced savings:  The only way Americans will ever save?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"840\" height=\"264\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?resize=840%2C264&#038;ssl=1\" alt=\"Picture of money; can we only get it with forced savings?\n\" class=\"wp-image-304\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?resize=1024%2C322&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?resize=300%2C94&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?resize=768%2C241&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?resize=1536%2C482&amp;ssl=1 1536w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?resize=1200%2C377&amp;ssl=1 1200w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?w=1920&amp;ssl=1 1920w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/banner-1103703_1920.jpg?w=1680&amp;ssl=1 1680w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Background<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Americans are bad at saving money.&nbsp;&nbsp;Since the last Boomer turned 21, the <a href=\"https:\/\/market-wisdom.com\/index.php\/2020\/03\/09\/spending-into-oblivion-the-disturbing-trend-in-the-personal-savings-rate\/\">savings rate has plummeted<\/a>.&nbsp;&nbsp;&nbsp;As the government floods bank accounts with COVID-related stimulus checks, will we change our spots and start saving more?  Or is forced savings the only way to get us to put money aside?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Findings<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide1.png?resize=729%2C520&#038;ssl=1\" alt=\"Chart showing the big amounts saved in forced savings plans.\" class=\"wp-image-302\" width=\"729\" height=\"520\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide1.png?resize=1024%2C731&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide1.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide1.png?resize=768%2C548&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide1.png?resize=1200%2C857&amp;ssl=1 1200w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide1.png?w=1500&amp;ssl=1 1500w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>We save a bunch in three big savings programs:&nbsp;&nbsp;&nbsp;<\/strong>Social Security, pensions, and defined contribution (mostly 401(k) plans) get close to $2 trillion of inflows a year, including both employer and employee contributions.<\/li><li><strong>Two of these programs are forced:&nbsp;&nbsp;<\/strong>Employees don\u2019t have a choice with Social Security or pensions \u2013 it\u2019s done for them.<\/li><li><strong>The other is often \u201cforced\u201d and\/or \u201cbribed\u201d:&nbsp;&nbsp;<\/strong>Employees are often automatically opted in to 401(k) participation, and often \u201cbribed\u201d with large employer matching contributions to encourage increased participation.<\/li><li><strong>Savings from these programs dwarfs other savings:<\/strong>&nbsp;&nbsp;The&nbsp;<u>total<\/u>&nbsp;personal savings amount in 2017, for comparison, was&nbsp;<a href=\"applewebdata:\/\/F8CD8053-5186-4342-8747-51C48AA49488\/bea%20personal%20savings\">$1.2 trillion<\/a>.&nbsp;&nbsp;That includes much of the contributions to these \u201cforced\u201d plans.&nbsp;&nbsp;Understanding the government definition of savings is quite complex.  However, most of Americans\u2019 savings, including their retirement savings, comes from these three forced plans.<\/li><li><strong>What about IRAs?:&nbsp;&nbsp;&nbsp;<\/strong>Aren\u2019t these a way that people save on their own?&nbsp;&nbsp;Yes, it\u2019s the single largest category of retirement savings (chart below).&nbsp;&nbsp;But \u2013 most of the IRA assets are actually rollovers from 401(k)s.&nbsp;&nbsp;In 2017, 84% of traditional IRA \u201ccontributions\u201d were rollovers.&nbsp;&nbsp;Those assets were usually originally saved in a defined contribution plan.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide2.png?resize=683%2C487&#038;ssl=1\" alt=\"Chart showing that most retirement savings is forced via pensions, social security, and 401Ks\" class=\"wp-image-303\" width=\"683\" height=\"487\" srcset=\"https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide2.png?resize=1024%2C731&amp;ssl=1 1024w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide2.png?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide2.png?resize=768%2C548&amp;ssl=1 768w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide2.png?resize=1200%2C857&amp;ssl=1 1200w, https:\/\/i0.wp.com\/market-wisdom.com\/wp-content\/uploads\/2020\/07\/Slide2.png?w=1500&amp;ssl=1 1500w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Implications<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As Horace Greeley put it in 1867, \u201cWe are energetic, we are audacious, we are confident in our own capacities and in our national destiny, but we are not a systematic, a frugal, economical people\u201d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All three of the highly successful programs that drive savings in this country, work because they are automatic.&nbsp;&nbsp;Even a 401(k) is now structured to make it hard for employees to not use it.&nbsp;&nbsp;Yet\u2026despite decades of financial services companies trying to educate customers, pursue behavioral finance motivational techniques, and encourage savings, it\u2019s not working.&nbsp;&nbsp;The only significant new savings for most Americans is their forced retirement plans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From a policy perspective, governments may choose to double down on these forced savings plans.&nbsp;&nbsp;However many financial services companies will resist this approach \u2013 either because they believe in the private sector as a superior solution, or because they want to acquire and manage the assets.&nbsp;&nbsp;Suffice it to say that a new approach will be needed to drive Americans to save more.&nbsp;&nbsp;Future perspectives in this blog will continue to explore innovation in this area.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><a href=\"https:\/\/market-wisdom.com\/index.php\/sign-up-for-cool-weekly-insights\/\">Sign up for the weekly insights email!<\/a><\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The small print<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s no one easy source for this data, and the most recent that\u2019s easily available across the programs is from 2017.&nbsp;&nbsp;<a href=\"https:\/\/www.ssa.gov\/policy\/docs\/chartbooks\/fast_facts\/2018\/fast_facts18.html\">Social Security data<\/a>&nbsp;comes from their website.&nbsp;&nbsp;Defined contribution and private pensions comes from the&nbsp;<a href=\"https:\/\/www.dol.gov\/sites\/dolgov\/files\/ebsa\/researchers\/statistics\/retirement-bulletins\/private-pension-plan-bulletin-historical-tables-and-graphs.pdf\">Department of Labor<\/a>.&nbsp;&nbsp;&nbsp;Government pensions comes from&nbsp;<a href=\"https:\/\/www.opm.gov\/about-us\/budget-performance\/other-reports\/fy-2018-csrdf-annual-report.pdf\">federal data<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.census.gov\/data\/tables\/2017\/econ\/aspp\/aspp-historical-tables.html\">state summaries<\/a>.&nbsp;&nbsp;Assets in retirement plans and percent rollover contributions comes from the&nbsp;<a href=\"https:\/\/www.ici.org\/pdf\/2020_factbook.pdf\">ICI<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Background Americans are bad at saving money.&nbsp;&nbsp;Since the last Boomer turned 21, the savings rate has plummeted.&nbsp;&nbsp;&nbsp;As the government floods bank accounts with COVID-related stimulus checks, will we change our spots and start saving more? Or is forced savings the only way to get us to put money aside? Findings We save a bunch in &hellip; <a href=\"https:\/\/market-wisdom.com\/index.php\/2020\/07\/14\/forced-savings-the-only-way-americans-will-ever-save\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Forced savings:  The only way Americans will ever save?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,1],"tags":[],"class_list":["post-300","post","type-post","status-publish","format-standard","hentry","category-saving-and-retirement","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Forced savings: The only way Americans will ever save?<\/title>\n<meta name=\"description\" content=\"Historically the only way Americans have saved for retirement is through forced programs like pensions and Social Security. 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