A Financial Snapshot of the Average American
American Earnings American Debt Americans are on track to surpass the amount owed at the beginning of the great recession by the end of 2016. Other Stats + 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. |