11/23/2015
The Facts of Life in America: 2015
Average Income in the United States
Income by Education Levels Income 2010 Income 2015
Average Annual Income $48,016 $50,500
High School Dropout $28,016 $23,492
Some College $43,854 $36,804
Associates Degree $49,970 $42,820
Bachelor’s Degree $68,728 $56,432
Master’s Degree $78,541 $72,824
Professional Degree $99,130 $91,220
Doctoral Degree $96,830 $87,448
Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income per capita has been increasing steadily in almost every country. Many factors contribute to people having a higher income such as Education, globalization and favorable political circumstances such as economic freedom and peace.
Statistic Verification Source: OTEXA, D&B Hoovers, ITMF Research Date: August 4th, 2015
Out of every 100 people starting working between 18-25, by age 65:
1% will be considered wealthy
4% have adequate capital stowed away for retirement
3% will still be working
63% are dependent on Social Security, friends, relatives or charity
29% are dead
*Pay attention here: Out of every 100 men & women in the United States who begin their working career between the ages of 18-25, 92 out of 100 will be dead or dead broke by the time they reach 65.
Retirement Statistics Data
Average retirement age 63
Average length of retirement 18 years
Average savings of a 50 year old $42,797
Total cost for a couple over 65 to pay for medical treatment over a 20 year span $218,000
Percentage of people ages 30-54 who believe they’ll not have enough money saved for retirement 80%
Percentage of Americans over 65 who rely completely on Social Security 36%
Percentage of Americans who don’t save anything for retirement 38%
Number of Americans who turn 65 per day 6,100
Percentage of population that is 65 years of age or older 13%
Americans older than 50 account for:
77% Percent of all financial assets
54% Percent of total consumer demand
77% Prescription drug purchases
61% All over-the-counter drugs
47% Auto Sales
80% All luxury travel purchases
Amount Needed in Savings for Retirement
Monthly income needed 20 Years 30 Years
$1,000 $166,696 $212,150
$2,000 $333,392 $424,300
$3,000 $500,087 $636,450
$4,000 $666,783 $848,601
$5,000 $833,479 $1,060,751
$6,000 $1,000,175 $1,272,901
$7,000 $1,166,871 $1,485,051
$8,000 $1,333,567 $1,697,201
$9,000 $1,500,262 $1,909,351
$10,000 $1,666,958 $2,121,501
The above sums assume your portfolio will earn a 6 percent annualized return during the course of your retirement and endure 2 percent annual inflation erosion.
Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours. Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions no longer allow the person to work anymore (by illness or accident) or as a result of legislation concerning their position. In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement, in 1889.
American Family Financial Statistics Data
Average American family savings account balance: $3,950
Percent of working Americans who are not saving for retirement: 40 %
Percent of American families who have no savings at all: 25 %
Average amount saved for retirement: $35,000
Average American household debt: $117,951
Average American family home value: $160,000
Average amount owed on home mortgage: $95,000
Average American household annual income: $43,000
Average credit card debt: $2,200
Percent of American workers who postponed retirement age this year: 24 %
Percent surveyed who are very confident about having enough money for retirement: 18 %
Percent of American adults who don't have a bank account: 7.7 %
Percent of American adults who have an emergency fund to fall back on: 38 %
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a check). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and therefore often does not incur a reserve requirement freeing up cash from the bank's vault to be lent out with interest.
American net worth Statistics
Age Range Median Net Worth Average Net Worth
Less than 35 $14,200 $73,500
35 – 44 $69,400 $299,200
45 – 54 $144,700 $542,700
55 – 64 $248,700 $843,800
65 – 74 $190,100 $690,900
75 or more $163,100 $528,100
Statistic Verification Source: U.S. Federal Reserve Research Date: 7.9.2014