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.”
The Backdoor Roth IRA: A Strategic Tax Planning Tool for High-Income Earners
The Backdoor Roth IRA offers high-income earners a legal workaround to access the benefits of a Roth IRA, despite IRS income limits. By contributing to a Traditional IRA first and then converting those funds to a Roth IRA, investors can achieve tax-free growth and withdrawals in retirement. This strategy provides tax diversification and flexibility, though it comes with complexities like the pro-rata rule and potential legislative changes. Proper planning with a financial advisor can help maximize the benefits of this powerful retirement savings tool.
Trending
In this blog post, Marc Daner of Daner Wealth explores whether real estate investing is right for you, considering factors such as liquidity, portfolio diversification, and various investment types. He discusses the pros and cons of real estate investments and emphasizes the importance of consulting with a financial advisor to determine the best strategy for your unique situation.
An experienced investment management firm in Alpharetta provides personalized wealth management solutions for affluent families to preserve their wealth.
.jpg)
