7 Money Problems We Didn’t Have 50 Years Ago, According to Dave Ramsey

Core Insights - The article discusses the financial challenges that have emerged over the past 50 years, highlighting the shift from guaranteed retirement funds to self-funded retirement plans [2][3][4]. Group 1: Retirement Funding - In 1960, 41% of private sector employees were covered by pension plans, which provided guaranteed retirement income [3]. - Due to increased life expectancy and financial strain on companies, many have moved away from pension plans, placing the burden of retirement funding on individuals [3][4]. - Current retirement savings options include 401(k) and Roth IRA accounts, which encourage early and consistent saving [4]. Group 2: Identity Theft and Fraud - Identity theft cases are projected to occur every 22 seconds by 2025, with a significant increase in incidents over the past decade [5][6]. - Victims of identity theft experience a median loss of $500, with total losses from fraud cases estimated at $10.2 billion [7]. - The Federal Trade Commission reported 5.7 million fraud and identity theft cases this year, with 1.4 million specifically related to identity theft [7].