Where Do Your Finances Stand? Find Out
Even though financial advisors urge workers to save the equivalent of six months' salary in an emergency fund, Monster.com found that more than one-third of the U.S. workers (34%) it surveyed admitted that they have only one week or less of savings to cover living expenses if they were to be laid off or incapacitated. Sixteen% said they had four to eight weeks of savings and 14% said they were prepared for 3-5 months. Only 20% said they would meet the six-month goal.
Americans between the ages of 55-45 have, on average, a savings of $22,500 I 401(k)s, IRAs and other retirement plans. Ages 46-54 average $44,000 in these plans and those in the 46-54 demographic have savings of $69,000, according to the Employee Benefit Research Institute.Debt The Federal Reserve pegs total household debt at about $13.7 trillion and total outstanding consumer debt at $2.55 trillion. Home mortgage debt comes in at $10.4 trillion The average debt load for American households, excluding mortgages, is nearly $17,000.
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