Eye-Opening Financial Stats of the Average American (You Won’t Believe These Numbers!) #Finance

have you ever wondered how your Finances stack up to the average person what’s the average amount others have saved for retirement how does your

Income compared to what others make in a year and what about your spending taking a look at these figures will give you further insight into your situation they can help gauge whether you’re ahead of the average person financially pay attention because some of these stats

might surprise you when you go to work for your paycheck do you think you earn more or less than the average worker according to the US Department of Labor Statistics the median Income for a full-time worker was $1,041 per week or approximately $52,000 per year based on a 40 hour

work week this equates to about $26 per hour before tax of course now this Income figure is strictly for an individual not household Income which includes the total Income of all members living in a home including spouses and their dependents

according to the most recent Federal Reserve data the median amount save for retirement among all adults was $65,000 this amount considers all age groups but only includes those who have retirement Accounts at all about 1/4 of Americans don’t even have one if someone retired with this amount

using a 4% safe withdrawal rate it would only produce about $2,600 per year year in Income for those aged 25 and younger the median retirement account balance was $1,786 the 25 to 34 age group had a median balance of just over $14,000 this figure Rose to almost $888,000 for those

aged 65 and older these low amounts are alarming the average household probably needs $500,000 or more in addition to other Income streams to retire comfortably just saving a small percentage of your paycheck and investing it consistently could put you in a much better position

than the average person your age when it comes to retirement Savings the Social Security Administration says the average benefit amount is $1,550 per month many Americans rely on Social Security as their only retirement Income and for most who have nothing else

saved it will need to be supplemented with Income from a job keep in mind 1,500 50 per month is just the average payment those who earned less during their working years will likely receive even less some people prepare for retirement without considering Social Security at all and

just see it as a bonus Additionally the benefit amount will vary based on when you choose to start collecting most people can estimate their benefit based on past earnings on the Social Security administration’s website on average US households spend about $557 per month as noted by the US

Department of Labor Statistics annually that’s roughly $67,000 meaning you’d need to take home that much each year to meet these expenses this figure includes everything from housing and transportation to food categories that take up a large percentage of the average budget to break it

down the average household spends about $1,885 per month on housing equating to 34% of total spending food costs 69 $1 per month and transportation is around $913 per month Credit scores vary widely from as low as 300 to as high as 850 the average FICO score according to Experian

is surprisingly high at 715 despite some people downplaying the need for a good Credit score it’s beneficial to maintain a respectable number a Credit score impacts the mortgage rate you’d receive for a home the terms on a car Loan and

other low interest Debt options thankfully maintaining a high Credit score is simple if you pay your bills on time experience states that payment history is the main factor followed by your Credit utilization ratio Credit history

length types of Credit and new Credit wallet Hub reports that the average household has $ 9,260 in Credit card Debt one of the most costly types of Debt with Interest Rates often between 15% and

25% paying off Credit card Debt is crucial as this interest far outweighs typical Stock Market returns Credit cards can encourage wasteful spending leading to Debt for non-essential items like clothes Electronics

or online purchases that hold little value to avoid Credit card Debt try to pay your balances in full every month only buy what you can afford or stick to a debit card tracking your Net Worth can also help you see progress over time Net

Worth is a great measure of financial well-being and can highlight strengths or weaknesses in your finan es calculate Net Worth by totaling the value of what you own such as your home vehicles and retirement accounts and subtracting everything you owe like a mortgage

surprisingly the median Net Worth for us households is about $122,000 according to the Federal Reserve for those under age 35 the median Net Worth is less than $14,000 while for the 35 to 44 age group it’s around $91,000 those aged 45 to 54 have a median of

$168,000 55 to 64 have $212,000 and 65 to 74 have $266,000 these Net Worth figures can be exceeded with reasonable Income and financial discipline the amount of Income the average person saves can vary yearly based on the economy and other other

factors data from the US Bureau of economic analysis shows an average Savings rate of about 6% meaning people save 6% of their after tax Income while the Savings rate may cover short and medium-term goals like a home purchase or renovation experts

suggest saving at least 10 to 15% for retirement alone this percentage should be higher if your goal is early retirement as other expenses also require Savings everyone wants to retire early to enjoy more free time but according to Ramsay Solutions the average retirement age is 61

many can’t collect full Social Security benefits until 67 for additional context someone reaching age 65 may live another 19 to 21.5 years according to the Social Security Administration for those starting to invest early four Decades of compound interest provide ample opportunity for growth

yet retiring at 6 1 leaves the question of whether it allows enough years to enjoy life fully it’s hard to gain a clear perspective on your Finances and sometimes it

feels like you’re falling short of your goals reviewing these financial statistics could surprise you showing how you compare to the average person and providing momentum to keep improving