Blue Bell PWM


7 Frightening Financial Facts for Halloween

Alex LaRosa, CFP®

Alex LaRosa, CFP®

Investment Advisor Representative

October 30, 2019

Today is Halloween and many are looking forward to a day of activities like trick-or-treating, carving pumpkins, festive gatherings, donning costumes, and eating treats.  In honor of the day, we have put together a list of 7 frightening financial facts:

1. More Americans own cats than stocks
52% of Americans report not owning any stocks. 50% of them say they don’t have the money to do so. 21% said they did not know about stocks. 7% said that investing was too risky.

2. Debt Skeletons
You’ve heard the phrase “skeletons in the closet.” If you literally had skeletons in your closet, you wouldn’t want people to know about them. If you have debt collections on your credit report, you probably don’t want anyone to know about it. That’s exactly what 1 in 3 or 75 million Americans are hiding.

3. Petrified of Investing
66% of people aged 18 to 29 say investing in the stock market is scary. About 20% of millennials say most of their savings are in bonds and 25% is in cash. When you are young you have the power of time on your side. This means that you can afford to take more risk while searching for long-term growth. Investing conservatively at a young age can have a significant impact on your future savings.

4. Eerie Emergency Funds
61% of Americans do not have enough savings to cover a $1,000 emergency. It is important to establish a savings fund for unforeseen events such as medical expenses, auto repairs, or losing your job.

5. Spooky Social Security
61% of Baby Boomers are expecting too much from Social Security. This benefit is meant to supplement your retirement income from other savings and assets. It is important to remember this when planning for retirement. 

6. Insidious Inflation
The average American can expect to spend at least two decades in retirement. That is a lot of years with no steady source of income. Inflation has become a serious threat that will erode the purchasing power of your assets over a long period. This is especially true when investments are in conservative, low yielding vehicles like bonds and cash.

7. Horrifying Healthcare
Fidelity research found that a couple who retired in 2015, both aged 65, will spend an estimated $245,000 on healthcare throughout retirement. That’s up from $220,000 in 2014 and $190,000 in 2005. Longer life expectancy and anticipated annual increases for medical and prescription expenses are primary factors, which is why it’s so important to budget for this when planning for your retirement.

It is important to assess your financial situation regularly. Creating a plan can help guide you along the way and figure out where your deficiencies are. We can help anyone get started on a plan at no cost or obligation. Use the Speak to Advisor Button to schedule an introductory call or reach out to us at 610-825-3540.

Get all your investment questions answered, Quickly

7 Frightening Financial Facts for Halloween

Share Insight with your friends

Share on facebook
Share on linkedin

Your personalized portal keeps you connected to your financial life, your advisory team, and everything else you need for managing your wealth.