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Did You Know?

From the Journal of Financial Planning (JFP) “Stat Bank” (www.journalfp.net)

Percentage chance you have of living past age 90 if you retire at age 65…25
-JFP, May 2018

Percentage of retirees who want to stay in their homes as they age……83
-JFP, May 2018

Amount of elderly individuals with significant declines in cognition who get no help outside of a spouse…50%
-JFP, March 2015

Percentage of the American population age 65 and older who will eventually enter a nursing home…35
-JFP, December 2015

Percentage of people turning 65 who will need some form of long-term care…70
-JFP, December 2015

Average annual cost for private room in a nursing home in the U.S…$87,600
-JFP, August 2015

Percentage of U.S. adults who carry long-term care insurance…3
-JFP, May 2016

Number of Americans who will likely require long-term care in 2050…27 million
-JFP, May 2016

Number of Americans who are now 65 and older today…47 million; Someone in America ages into Medicare every eight seconds
-JFP, January 2018

Percentage of U.S. households caring for older family members at home …25
-JFP, December 2007

Number of older Americans who are financially exploited every year…5 million

Amount of money in billions of dollars stolen each year from America’s elderly…37
-Bloomberg, May 3, 2018

Total projected amount a couple with average income can expect to spend throughout retirement on health care…$395,000
-JFP, May 2015

Percentage of workers age 50 and older who are not saving for health care costs…38
-JFP, December 2014

Percentage of current retirees using Social Security as a major source of income…59
-JFP, October 2015

Share of workers with pensions in 2011 …(~)10%… in 1979…(~)…40%
-JFP, February 2015

Percentage of today’s workers who mistakenly think they’ll be eligible for full Social Security benefits earlier than they qualify …49
-JFP, November 2006

Percentage of women who wait until their full retirement age to begin taking Social Security…15
-JFP, November 2014

Percentage of American workers who plan to work past the age of 65…59
-JFP, September 2011

Amount of lost wages and benefits incurred by family caregivers over age 50 who leave the workforce to provide care…$300,000
-JFP, January 2018

The median retirement savings amount that average Americans between the ages of 55 and 64 have accrued…$104,000
-JFP, October 2016

Average retirement account balance for men, among those surveyed in February 2015…$121,000 …for women…$78,000
-JFP, June 2015

Percentage of male retirees who are very confident their savings will carry them through retirement at an acceptable level…47 …Percentage of female retirees who profess such confidence…30
-JFP, January 2010

The retirement income deficit—the difference between what Americans have saved for retirement and what they should have at this point…$6.6 trillion
-JFP, April 2013

Percentage of Americans who have less than $25,000 saved for retirement…53; Percentage of Americans who have less than $1,000 saved for retirement…35
JFP, June 2016

Percentage of adults who are not confident they will have sufficient income and assets for retirement, up from 25 percent at the close of the Great Recession in 2009…38
-JFP, December 2012

Percentage of millennials who are currently saving for retirement…55
-JFP, September 2015

Total cost of raising a child to independence in the Northeast U.S. (The) estimate includes food, clothing, healthcare, housing, transportation, entertainment, half of typical college tuition, and the mother’s lost wages…$1.8 million
-JFP, January 2013

Percentage of U.S. parents surveyed who cannot save for their children’s education because everyday living expenses have left no additional funds…69
-JFP, November 2014

Percentage of 21-to 24-year olds who rely on their parents for rent, utilities, or daily living expenses…42; Percentage of American millennials (ages 18-31) who live in their parents’ home, the highest rate in at least four decades…36
-JFP, March 2016 and February 2014

Percentage of parents who give money to their adult children to pay for major expenses such as credit card balances and student loans …90
-JFP, June 2008

Percentage of U.S. adults who are caring for an adult child with significant health issues, up from 30 percent in 2010…36
-JFP, October 2013

Average cost of tuition, fees, and room and board at private, non-profit, four-year institutions for the 2016-2017 school year …$45,370
The College Board Annual Survey of Colleges 2016

Number of Americans who hold a total of $1.3 trillion in student loan debt
…44 million
-JFP, February 2018

Average student loan balance for 25 year olds in 2003…$10,648
Average student loan balance for 25 year olds in 2012…$20,326
-JFP, August 2013

Amount of debt the average American college graduate was left with in 2016……$37,172
-JFP, February 2018

Percentage of people who borrow money to send their kids to college who are defaulting on their loans…11
-JFP, February 2018

Median mortgage debt for families in the 55-64 age range, an increase from $34,000 in 1989…$97,000
-JFP, January 2013

Percent of American families that have some form of debt…74.5
-JFP, February 2015

Trillions in consumer household debt as of the second quarter of 2018…$13.3
-Reuters August 14, 2018

Percentage of Americans earning $100,000 or more who use credit cards to buy necessities they can’t afford otherwise…34
-JFP, July 2011

Percentage of people reluctant to openly discuss their credit card debts …82
-JFP, November 2008

Number of months that 45 percent of Americans think they could meet their financial obligations if they lost their jobs…< 1
-JFP, October 2010

The gap between the amount of life insurance Americans have versus the amount they need…$320,000
-JFP, August 2015

The number of people with life insurance, down from 78% in 2004……70%
-JFP, August 2015

Average wedding cost in 2012…$28,427
-JFP, August 2013

Percentage of married people who do not completely trust their partner to manage their combined finances…40
-JFP, June 2013

Percentage of American couples who argue over money at least once a month …60
-JFP, June 2008

Percentage of married couples who discuss investment decisions related to retirement with one another …38
-JFP, August 2009

Percentage of Americans who die without a will or estate plan…55
-JFP, March 2017

Percentage of U.S. adults who have a health care power of attorney…53
-JFP, April 2018

Percentage of Americans who have living wills (Advanced Medical Directives) …40
-JFP, March 2017

Percentage of household financial decision makers who say it’s hard for them to know whom they can trust for financial advice…55
-JFP, September 2012

Percentage of retirement plan participants surveyed who do not use a financial professional…65
-JFP, August 2014

Percentage of investors who are unsure how their financial advisors are paid…27
-JFP, June 2014

Percentage of Americans who have not created a financial plan who say they do not know where to turn for financial advice…42.5
-JFP, February 2010

Percentage of parents who are uncomfortable discussing money matters with children…77
-JFP, August 2012

Number of personal data records exposed or stolen in 2011, from 995 separate security-breach incidents …368,564,419
-JFP, March 2012

Percentage of baby boomers who expect to receive an inheritance in the future…15
-JFP, December 2011

Percentage of respondents reporting they’ve had a problem with a family member over dividing a dead relative’s belongings …64
-JFP, October 2007

Percentage of mutual fund owners who don’t know which funds they own …36
-JFP, October 2009

Percentage by which index funds beat actively managed domestic stock funds over three years…76.8%
-JFP, June 2015

Percentage of actively managed mutual funds that survived 10 years, through December 2014…58.1%
-JFP, June 2015

Percentage of investors who failed to choose lowest-fee funds among comparable index funds even after given information on fees …80
-JFP, October 2006

Percentage of investors who are confident they can withstand a market shock…20
-JFP, April 2015

Percentage of participants who don’t know how much they are paying in fees and expenses for their 401(k) plan …83
-JFP, December 2007

Percentage of Americans who keep close track of their expenses …39
-JFP, September 2007

Percentage of taxpayers incorrectly reporting capital gains or losses on their tax returns due to confusion over how to calculate the number …38
-JFP, October 2006

Number of families out of every ten affluent families who will lose their fortune by the end of the third generation …9
-JFP, June 2006

Percentage of first-time exam takers who passed the November 2018 CFP® Certification Examination…64.6

Only 51.5 percent of repeat exam takers passed.

CFP Board, November 2018

TC Schwab Financial Planning, LLC/Did You Know?