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News You Can Use
Work, Work, Work
Retirement is going the way of the eight-track tape. According to an article in Business Week, the concept of not working for the last part of one’s life is no longer practical for most people.
It had been looking that way even before the economy hit the skids. With longer life spans (the average life expectancy is now 78 — up from 61 when Social Security became law in 1935) and a low savings rate, retirement was becoming unaffordable for increasing numbers of Americans. The recession has only accelerated that trend.
Matt’s View: Among the options available to older workers whose retirement savings have been reduced by the recession, staying in the workforce is the single most effective step they can take to help fund their later years — more so than increasing their savings rate. See this study from T. Rowe Price.
Words of Wisdom in the Economic Storm
In recent months, we have used this newsletter to highlight the efforts of various churches around the country to help people navigate in our tough economy — from Sunday messages to letters to church members to special events.
This month we’re highlighting a series of messages called “Balanced” being given by Andy Stanley at North Point Church in Atlanta. Special thanks to Generous News for bringing this message series to our attention.
Matt’s View: If your church is doing something in response to the economy that you believe others would benefit from hearing about, please let me know (mbell@willowcreek.org).
Economy May Be Impacting Birth Rate
There are indications that the economy is causing people to cut back on more than just new clothes and cars. Some couples may be cutting back on the number of children they’re having.
According to a story on CBS News, while birthrate data for this recession won’t be available for a couple more years, there is anecdotal evidence that the economy is causing people to hold off on having more children. If that turns out to be true, it would be consistent with past economic downturns. During the Great Depression and the gas shortage of the 1970’s, there were noticeable declines in the birth rate.
Matt’s View: Perhaps there is another trend beginning to emerge that may counter the declining birth rate: The multi-generation household. During tough times it only makes sense for families to band together, and doing so can reduce some of the costs of childrearing such as childcare. With Michelle Obama’s mother moving into the White House to help care for Barack and Michelle’s two children, we have a powerful role model on center stage.
Prescription Medicine Becoming Cost Prohibitive
More Americans are going without their prescription medicine because they can’t afford the cost.
As reported by the New York Times, one in seven Americans under the age of 65 went without needed medicine in 2007 because they couldn’t afford the cost—up from one in 10 in 2003. The numbers may be even worse now due to the economy, but 2007 is the most recent year for which information is available. And it isn’t just thos without health insurance who are finding it difficult to afford their medications. One in ten working-age people with employer-provided health insurance went without needed medications in 2007.
Matt’s View: There are a number of organizations that help people gain access to discounted medicine. One way that stewardship ministries can serve those in their churches is to make this list available.
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