|A Financial Snapshot of the Average American
Americans are on track to surpass the amount owed at the beginning of the great recession by the end of 2016.
+ The average household with credit card debt pays nearly $1,300 in interest per year.
+ The average American with a 401(k) has $96,288 saved in their account.
+ The average 65-year-old can expect to withdraw just over $8,000 from their 401(k) each year if they want their money to last throughout their retirement.
+ The average personal savings rate in the United States as of Oct. 2016 is 6%.
+ This is a significant improvement from 2005, when the personal savings rate hit a low of 1.9%.
+ The 6% rate is nowhere near enough.
+ It is recommended that we save between 10% to 15% of your income.