Did you know 35% of prime working age adults (those between age 30 and age 55) have zero retirement savings set aside and that among the 65% that have put something aside, the average net balance is $73,000 (the median balance is $35,000).
And how about life insurance needs? Did you know nearly half of the people with life insurance only have coverage amounts of $100,000 or less and that 1 in 3 parents/families with children under 18 have no life insurance at all – even though they are the sole means of financial support for their children.
And speaking of those $100,000–or-less policies, those are the kinds that you usually see in employer group plans. While they will likely cover the cost of a funeral, they are not going to replace years of lost income and they’re probably not going to pay off a mortgage or provide much help paying for college.
And let’s not forget debt. Did you know the average person pays “rent on money” (more commonly know as interest) of $8,000 annually? That’s $8,000 – annually – that can’t be saved, invested, or used in any number of ways that would benefit you and yours rather than somebody else and theirs.
Time is your biggest asset. Get off your “but”, like Sgt. Bilko suggests, and make the most of it.
Chances are, if you’re reading this, you could use some help with at least some of these topics. We are here if you need us.