We live in complicated times.
While many Americans continue to amass bigger houses, more cars, and thousands of items that they keep in their homes, the fact of the matter is that as many as 66% of us would struggle to come up with $1,000 in an emergency. For this reason, there are many financial advisers who work with their clients to make sure that they have the right amount of disability insurance and that they work with life insurance companies to understand how to plan for the future. With the right advice from life insurance companies and financial planning advisers, more and more Americans could feel secure.
By putting aside money in for life and health care coverage, Americans can make sure that they have a plan in place for an unexpected illness or injury. Making other investments in retirement planning can help you prepare for the day when you no longer have to work full time, but still be able to enjoy life.
Especially if you have dependents, it is important to make sure that you have your family informed in the steps that you have taken to make sure that you have planned for the future. Even more important might be helping your children plan for taking the earliest steps in setting aside their own money as they start college and begin their first full time jobs.
Consider some of these facts and figures about the concerns that many people face when it comes to their financial future:
- A mere 24% of millennials demonstrate basic financial literacy, according to a study from the National Endowment for Financial Education.
- 5.5% is the average personal savings rate in the U.S.
- 77 million Americans have debt in collections reported in their credit files.
- Only 46% of Americans have any kind of rainy day fund.
- $132,529 is the average for American household with debt.
- $96,288 is the balance of the average American’s 401k.
The times we live in are complicated, but they can be a little bit simpler if you invest and plan for your future with the right amount of insurance policies and spend time thinking about other necessary investments.