Americans Say $516K Needed to Achieve Financial Wellness
Americans Say $516K Needed to Achieve Financial Wellness
Patrick Villanova Fri, August 6, 2021
A recent survey found that Americans on average think it takes $516,000 in savings to achieve financial wellness.
The key to financial wellness may be a cool half mil. Though the factors determining financial stability may be different to each investor and retirement saver, a recent Empower Retirement and Personal Capital survey found that most Americans believe it takes having more than $500,000 in savings to become financially healthy. The survey, conducted by The Harris Poll, interviewed 2,005 people across different age groups, racial and ethnic backgrounds, life stages and employment sectors to get their views on financial wellness.
$516K: The Magic Number For Financial Wellness?
The poll found that Americans’ views on financial wellness evolve as they progress through different phases of life or experience significant “perspective-changing events.” However, Americans feel the average amount of money it takes to achieve financial well-being is $516,433, according to the survey.
The survey found that Americans don’t feel financially healthy themselves until age 47. What’s more, they said age 49 is when they think other people feel financially healthy.
“While many Americans believe financial well-being is attainable, less than half say they’re financially healthy today,” the survey states.
From Broke College Grad to a Half-Million by Age 47
A recent study found that Americans on average think it takes saving over $500,000 to attain financial wellness.
So how does someone actually save $500,000 after starting with next to nothing? Consider a 22-year-old college graduate named Nicole. Despite graduating with minimal debt, she starts out with just $100 to invest. Using SmartAsset’s investment calculator, she could determine exactly how much she’ll need to invest each year to reach her goal of saving over $500,000 by age 47.
Assuming an 8% annual rate of return, Nicole will need to invest $7,050 a year to have over $516,000 within 25 years. That means each month she’ll have to put aside $587 to invest. Nicole’s ability to save at that rate, of course, depends on a number of factors, including her income, her expenses, her budgeting and the cost of living in her area.
Saving $500K Despite Starting Later
To continue reading, please go to the original article here:
https://www.yahoo.com/finance/news/americans-516k-needed-achieve-financial-195338904.html
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