Sometimes things happen in life to deplete those savings, sometimes things happen that make savings impossible. An illness in the family that far exceeds insurance coverage, a family tragedy that sees you taking on the children of another family member. Not everyone can live well planned lives.
Are you saying that in fact the vast majority of Americans are saving for retirement rather than buying the latest gadget, etc., not saving a dime? The facts of American spending/savings do not support that.
Poorly "planned lives" are the rule, not the exception. I'm just waiting for the big government rescue team to come knocking at my door, taking away what I've saved to give it to the high rollers.
That's true, but knowing the media, they would have had that in the story, if that were the case, just to make this guy's story that much more "heartbreaking".
Can I make my monthly payments? Yep so let's buy something else on credit. That seems to be the American way of living for the vast majority.
Everything I read tends to suggest that the majority of working Americans are about 3 pay checks away from bankruptcy or worse.
We live in a culture that doesn't and hasn't put a premium on "personal responsibility" for a long, long, long time now. And Peter is going to demand payment and it ain't going to be fun for quite a number of folks.
True, but highly overstated. In my experience, when you put the person's lifestyle under a microscope you will find that the "things that happen to deplete those savings" -- if they ever had savings in the first place -- is a big screen TV set, semi-annual trips to Las Vegas, full service cable/satellite TV with every conceivable premium station, cigarettes, excessive alcohol, fishing boat or other recreational vehicle, lottery tickets, new car every three years, etc.