The Botros Law Firm Articles Few Savings for Most Americans

Few Savings for Most Americans

By The Botros Law Firm  Jul. 3, 2013 3:48p

According to, 76 percent of Americans investigated in a recent survey were found to be living from one paycheck to the next with no savings for emergencies. 1,000 adults were surveyed about their finances where it was found that more than three-fourths did not have enough funds set aside in a savings account to cover a minimum of six months of expenses. That set-aside was deemed to be the minimum amount needed should an emergency arise, such as a sudden job loss, medical crisis, or other unpredicted event. The survey showed that half of those asked had less than a three-month set-aside while 27 percent had no savings whatsoever.

In a related study by another financial information site which is owned by, it was found that many seniors throughout the country do not have enough funds to finance their retirement and are at risk of facing financial disasters. Based on data from the 2011 U.S. Census, the median household income for seniors is $35,000 which is approximately 57 percent of the income of those in the age group of 45 to 64. This may be the result of the growing loss of pension plans from government and corporate entities as well as other factors. For many retirees, their main source of income has become Social Security checks. The average Social Security check runs at approximately $1,230 per month which totals only $14,760 per year. The survey found that roughly half of the retirement population in the U.S. lives dangerously close to a poverty level.

Bankruptcy and Debt Relief Representation in Miami, Florida

In the recent recession, many people in the state of Florida have encountered severe financial difficulties, including the threat of foreclosure, repossession, wage garnishment, and creditor harassment. This type of financial crisis can come about due to job losses, medical emergencies, business and investment failures, costly divorces, and other unforeseen events. Getting the help you need by exploring your debt relief options is imperative if you wish to effectively pull yourself out of an insolvent condition.

The Botros Law Firm, serving clients in and around Miami, is dedicated to helping clients find effective debt relief solutions, whether through personal bankruptcy petitions, debt consolidation, debt negotiation, or other methods. You can sit down with an experienced attorney to learn the best way to approach your financial problem based on the unique circumstances involved in your case. Attorney Botros will personally handle your legal work from start to finish, providing the attention to detail and to client service that you deserve. Contact his offices to schedule your consultation to learn more about what can be done to resolve your financial condition today.

Other Recent Articles

X Factor Mentor Could Lose Miami Condo to Foreclosure

Paulina Rubio, one of the X Factor’s newest mentors, is facing foreclosure actions from the homeowners association at the building where she has a condominium in Miami.
More Articles »

Property Successfully Auctioned Off in Chapter 7 Bankruptcy Proceedings

The owners of a one-acre property slated for residential development hit hard times and were facing foreclosure until recently.
More Articles »

Counseling and Education Requirements in a Florida Bankruptcy

In 2005, the bankruptcy laws were changed in the U.S. These changes added certain steps and qualifications for those seeking a personal bankruptcy such as a Chapter 7 which is the most common form of ...
More Articles »
(305) 741-2644
1101 Brickell Avenue North Tower, Suite 1101
Miami, FL 33131

Main Website:
View Website
Contact our office by email or phone instantly by clicking the options below: