Financial Planning Statistics: How Are Americans Doing?
Ben Franklin famously stated: “If you fail to plan, you are planning to fail.”
It seems most Americans are planning to fail. According to Charles Schwab, only 25% of Americans have a written financial plan.
Here’s how Americans compare to the rest of the world with financial planning.
References:
https://www.cfp.net/why-cfp-certification/career-guide/what-is-financial-planning
https://www.danerwealth.com/blog/you-can-benefit-from-financial-planning
https://www.investopedia.com/terms/f/financialplanner.asp
https://www.forbes.com/advisor/personal-finance/americans-are-draining-their-savings/
https://www.statista.com/statistics/246296/savings-rate-in-percent-of-disposable-income-worldwide/
https://worldpopulationreview.com/country-rankings/poverty-rate-by-country
https://www.visualcapitalist.com/ranked-the-best-and-worst-pension-plans-by-country/
https://www.gfmag.com/topics/news/countries-most-addicted-debt
https://www.usnews.com/news/best-countries/rankings/quality-of-life
“If you fail to plan, you are planning to fail.”
Avoid These 5 Retirement Mistakes
The blog outlines five common mistakes people make when planning for retirement, including not saving enough, failing to diversify investments, taking Social Security benefits too early, not planning for healthcare costs, and failing to have a retirement income plan. The blog provides practical tips and advice on how to avoid these mistakes, including saving a minimum of 15% of pre-retirement income each year, using tax-advantaged retirement accounts, diversifying investments, delaying Social Security benefits until age 70, planning for healthcare costs, and developing a retirement income plan.
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Daner Wealth Management, based in Alpharetta, GA, offers personalized, fiduciary financial planning services to assist families with strategies intended to manage risk and work toward long-term financial goals.
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