Numbers Don't Lie: Here's How Much Money the Average American Really Has

The American wallet is in bad shape.

We all know money is important- it impacts nearly every aspect of our lives. However, it clearly confuses and intimidates most of us. Year after year, data from financial surveys (unfortunately) paints a poor picture of American finances.

Survey Says…

 Here’s what things look like for your average neighbor in 2023:

  1. 57% can’t cover a surprise $1,000 expense

  2. $5,733 in credit card debt

  3. 76% overpay taxes

  4. 48% have no plan to replace family income in case of tragedy

  5. 76% Still have debt in retirement (37% have a mortgage)

  6. $95,776 average retirement nest egg at age 65

  7. $1,837 is the average monthly Social Security benefit

  8. 80% of households have no college savings

  9. 66% of people have no estate plan: (probate can take up to 18 months + 8% for the state to decide who gets their house, car, and financial assets upon death)

No Household is Beyond Repair

The silver lining is that financial planning can help address these issues. We tell clients all the time; financial planning doesn’t have to be intense, it just can’t be ignored. It’s up to you to create a better plan and future.

 Basic budgeting, saving, and investment strategies can help you:

  1. Eliminate bad debt

  2. Build a sufficient retirement income plan

  3. Cover your family in case of early death

  4. Defer and minimize taxes

  5. Build a college savings fund

  6. Ensure your assets go where you want, privately and outside of probate

Currently, only 30% of households have a financial plan and written goals like these. We’d like to help that number grow. And with today’s tools and technology, it’s never been easier.

When you’re ready to do something different, give us a call or book an appointment online. A proper financial plan could literally change your future.

 

Joe SweeneySweeney & Michel, LLC