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The average couple age 65 will need $295,000 to cover out-of-pocket medical expenses in retirement.
Source: Fidelity. How To Plan For Rising Health Care Costs. Aug 3, 2020.
1 in 3 of today’s 65-year-olds will live to 90. 1 in 8 will live past 95, and 1 in 10 will live to 100.
Source. USA Today. For Your Retirement Planning, Count On Living Until Age 95. Oct 5, 2019.
76% of baby boomers are not confident they have enough saved for retirement.
Source: Insured Retirement Institute. Boomer Expectations For Retirement. Jul 20, 2020.
Social Security is only designed to replace 40% of your pre-retirement income.
Source: USA Today. How Much Of Your Pre-Retirement Income Will Social Security Replace. Nov 23, 2020.
69% of Americans have less than $1,000 saved.
Source: The Motley Fool. The Percentage Of Americans With Less Than $1,000 In Savings Is Shocking. Dec 18, 2019.
20% of Americans don’t save any of their annual income.
Source: Bankrate. Survey: 1 In 5 Working Americans Aren’t Saving Anything. May 14, 2019.
Medical expenses represent 67% of all personal bankruptcies with job loss as the second most common reason.
Source: CNBC. The Is The Real Reason Most Americans File Bankruptcy. Feb 11, 2019.
The average medical insurance premium has increased by 55% in the last decade.
Source: KHH. Job Based Health Insurance Costs Are Up 55% In Past Decade. Oct 8, 2020.
The average American household has more personal debt ($135,768) than they do income ($63,688).
Source: Debt.org. Americans Have More Personal Debt Than They Do Income. Jan 4, 2019.
The average person in the U.S. has $29,800 in personal debt – not counting their home mortgage.
Source: Northwestern Mutual. U.S. Adults Hold An Average Of $29,800 In Personal Debt. May 6, 2020.
Only 16% of Millennials demonstrate basic financial literacy.
Source: Yahoo Finance. Only 16% Of Millennials Qualify As “Financially Literate”. Feb 25, 2020.
Almost 40% of American adults wouldn’t be able to cover a $400 emergency with cash, savings or a credit card charge.
Source: ABC News. 40% of Americans Don’t Have $400 In The Bank For Emergency. May 24, 2019
Almost a quarter of adults in the U.S. have no retirement savings or pension at all.
Source: CNBC. 25% Of Adults Have No Retirement Savings. May 24, 2019.
Nearly 80% of workers were living paycheck to paycheck before the coronavirus pandemic.
Source: Washington Post. A breakdown Of What Living Paycheck To Paycheck Looks Like. Aug 17, 2020.
Over 75% of Americans don’t have a written financial plan for their retirement.
Source: CNBC. Most Americans Are Winging It When It Comes To Their Financial Future. Apr 2, 2019
Only 25% of Americans have some kind of written financial plan.
Source: SpendMeNot. 12 Personal Finance Statistics To Know In 2020.
Only 30% of Americans have a long-term financial plan.
Source: SpendMeNot. 12 Personal Finance Statistics To Know In 2020.
80% of Americans’ retirement plan is to keep working!
Source: SpendMeNot. 12 Personal Finance Statistics To Know In 2020. Oct 12, 2020.
69% of US Citizens have less than $1,000 in the bank.
Source: Yahoo Finance. Survey: 69% of Americans Have Less Than $1,000 In Savings. Dec 16, 2019.
62% of Americans say their financial planning needs work, which is down from 70% in 2018.
Source: Northwestern Mutual. 2019 Planning & Progress Study. Jul 22, 2019.
92% of Americans say nothing makes them happier or more confident than when their finances are in order.
Source: Northwestern Mutual. 2019 Planning & Progress Study. Jul 22, 2019.
9 in 10 retirees rely on Social Security as a source of income in retirement.
Source: EBRI. 2020 Retirement Confidence Survey. Apr 23, 2020
4 in 10 workers expect to need over $1 million to live comfortably in retirement.
Source: EBRI. 2020 Retirement Confidence Survey. Apr 23, 2020
Half of workers have tried to calculate how much money they will need to live comfortably throughout retirement.
Source: EBRI. 2020 Retirement Confidence Survey. Apr 23, 2020
4 in 10 workers and 6 in 10 retirees have tried to calculate how much monthly income is needed in retirement.
Source: EBRI. 2020 Retirement Confidence Survey. Apr 23, 2020
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Advisory services are offered through Royal Fund Management, LLC, which is registered as an investment adviser with the SEC and only trans-acts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.
All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals, and economic conditions may materially alter the performance of your portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s investment portfolio. There are no assurances that a client’s portfolio will match or outperform any particular benchmark.
Tax and legal information provided is general in nature and is subject to change. Always consult an attorney or tax professional regarding your specific legal or tax situation. Insurance product guarantees are subject to the claims-paying ability of the issuing company. The adviser is paid commissions on the sale of insurance products.
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