Americans aren’t known for being great savers.
In a recent GoBankingRates study, 69% of adults admitted to having less than $1,000 in the bank, while 34% said they actually don’t have any savings at all. But apparently, this collective lack of savings doesn’t get all that much better with age. A study by the National Bureau of Economic Research found not so long ago that almost half of Americans die nearly broke. Of the general population, 46% of retirees die with savings of $10,000 or less. But that number climbs to 57% among retirees who are single.
Now when we take other assets, like homes, into account, the picture gets a bit less bleak. Still, 57% of single-adult households and 50% of widowed households had no housing equity to show for when they died.
The problem is that dying nearly broke isn’t just a matter of denying one’s beneficiaries an inheritance. Rather, it points to a frightening degree of financial vulnerability during retirement. If seni ors are passing without much in the way of assets, it means that in the years leading up to their death, they’re ill equipped to handle a major unexpected expense, such as a significant medical bill. In fact, in that same GoBankingRates survey, only 37% of seniors 65 and older claimed to have $1,000 or more in the bank.
stock market companies: Crestwood Equity Partners LP(CEQP)
- [By Lisa Levin]
Crestwood Equity Partners LP (NYSE: CEQP) shares shot up 45 percent to $18.54 following the announcement of a new joint venture with Consolidated Edison, Inc. (NYSE: ED). Subsidiaries of both companies entered into an agreement on Thursday to form a joint venture in which they will jointly own and develop Crestwood’s existing natural gas pipeline and storage business in norther Pennsylvania and southern New York.
stock market companies: CST Brands, Inc.(CST)
- [By Monica Gerson]
CST Brands Inc (NYSE: CST) is projected to report its quarterly earnings at $0.22 per share on revenue of $2.30 billion. CST Brands shares declined 1.20 percent to close at $36.21 on Thursday.
- [By Monica Gerson]
CST Brands Inc (NYSE: CST) is projected to report its quarterly earnings at $0.22 per share on revenue of $2.30 billion.
American Axle & Manufact. Holdings, Inc. (NYSE: AXL) is expected to report its quarterly earnings at $0.71 per share on revenue of $998.76 million.
stock market companies: WMIH Corp.(WMIH)
- [By SEEKINGALPHA.COM]
Many talented authors have posted about publicly listed equities trading at or near asset value with significant tax attributes, namely Net Operating Losses (NOLs), and the inherent asymmetry when an activist or new management makes a break from money losing operations to pursue transformative acquisitions. Several of the activists or lead investors, such as Becker Drapkin (EMKR, CNSI, SDOI) or Sam Zell’s Equity Group Investments (PARR and RELY), have long track records of successfully repurposing tax attribute rich companies via creative financing and transformative acquisitions. There are also some newer entrants into the space, such as KKR (OTCQB:WMIH) and Carlson Capital (OTCQB:SWKH).
stock market companies: MKS Instruments, Inc.(MKSI)
- [By Monica Gerson]
MKS Instruments, Inc. (NASDAQ: MKSI) is estimated to post its quarterly earnings at $0.33 per share on revenue of $177.19 million.
Pioneer Natural Resources (NYSE: PXD) is projected to post a quarterly loss at $0.75 per share on revenue of $711.66 million.
stock market companies: Gordmans Stores, Inc.(GMAN)
- [By Peter Graham]
A long term performance chart shows Five Below at least remaining in positive territory while off-price or value price retailer peerlarge capRoss Stores, Inc (NASDAQ: ROST) has outperformed for a few years and small capGordmans Stores, Inc (NASDAQ: GMAN) has severelyunderperformed:
- [By WWW.THESTREET.COM]
Just in the past few weeks, Wall Street has seen bankruptcy filings from sporting goods retailer Gander Mountain, RadioShack successor General Wireless Operations, everyday value price department store operator Gordmans Stores (GMAN) and appliances, electronics and furniture retailer HHGregg (HGG) . Last Wednesday, children’s apparel retailer Gymboree cautioned it was running low on cash and may not survive. Sears Holdings Corp. (SHLD) voiced concerns on Tuesday about its ability to stay in business, while women’s apparel chain Bebe (BEBE) is reportedly on the brink of closing all 170 of its stores.