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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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Fee-based financial planning and investment advisory services are offered by DuPont Wealth Management a Registered Investment Advisor in the State of Indiana. Insurance products and services are offered through DuPont & Associates, Inc. DuPont Wealth Management and DuPont & Associates, Inc. are affiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Indiana or where otherwise legally permitted.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. Investing involves risk, including the loss of principal. No Invest- ment strategy can guarantee a profit or protect against loss in a period of declining values. Any references to protection or lifetime income refer to fixed insurance products, never securities or investment products. Insurance and annuity products are backed by the financial strength and claims-paying ability of the issuing insurance company. 19464 - 2019/11/5
The information is not intended to be investment, legal or tax advice. The agent can provide information, but not advice related to social securi- ty benefits. The agent may be able to identify potential retirement income gaps and may introduce insurance products, such as an annuity, as a potential solution. For more information, contact the Social Security Administration office, or visit www.ssa.gov.
