June 2024 |
Social Security will only cover about 40% of pre-retirement income. For those in their 60s and nearing retirement, Social Security benefits are projected to replace only around 40% of pre-retirement income. This replacement rate is lower than what previous generations received and highlights the importance of additional retirement savings. With longer life expectancies and rising healthcare costs, relying solely on Social Security may prove insufficient for maintaining one's standard of living. There could be benefits to delaying your Social Security benefits until a later age, but it's tricky to figure out when to trigger your Social Security and stop working. If you're in this age range or younger, working with a financial advisor to move toward your ultimate retirement goals may be key in helping you assess your financial situation and adjust savings and timelines to best fit your financial and personal situation. Source: SSA Fact Sheet for Works Ages 61-69 |
The average American has 4.5 subscription services, costing around $924 per year. Subscription services have become ingrained in modern American life: It's more common to have several subscriptions than none, a sure sign that this business model has been successful and seems to keep growing. The average American pays for 4.5 different subscription services. This trend reflects the abundance of offerings, spanning various sectors like streaming, software, consumer goods, and more. Given the average amount that Americans are paying for these subscriptions, regularly reviewing the recurring payments hitting your bank or card is becoming an increasingly good idea for financial check-ins with your household. Source: Yahoo! Finance |
Almost a third of Gen Z and Millennials believe the economic situation in their country will improve over the next year. This is the most optimistic survey that Deloitte has had in this audience since before the Pandemic. The optimism shows in their personal financial situations as well, with many planning to switch jobs in an effort to help their own financial security and desire to grow their savings. Each generation has unique experiences, lifestyles, and demographics that influence their buying behaviors. But in planning for their financial futures, cost of living remains this group's top concern, with items like climate change, mental health, unemployment, and crime coming in as lower-priority items still seen as important. Source: Ana, Deloitte's 2024 Gen Z and Millennial Report |
Fascinating Financial Facts | June 2024
June 27, 2024