Extra Income

Americans 401K balances as of the end of 2018

Each year Fidelity reports on how much Americans have saved for retirement and what the median account balance is. The latest 2018 data has just come out today. Fidelity is a great source of this data as they are the largest 401K provider in the US, and they have over 16 million accounts under management. See the data below. We regularly report on emergency savings, retirement data, auto loans and credit card debt, etc. as we continue to try to bring visibility to all of these issues. Financial literacy and …

Requests from people receiving or waiting on disability payments

As we do from time to time, we sample emails sent to us from those who need assistance. If you look at the size of the population in the US, and the percentage of people who receive social security disability, a disproportionate number of requests for financial aid, referrals, and other assistance comes from people who (1) claim to be disabled or who (2) indicate they are receiving some form of federal government disability benefit or (3) are in the process of applying for SSDI or SSI. About 3% of …

New years – Reflect and Learn From Past Financial Mistakes

The stats around financial fitness in this country are alarming. Most Americans have way too little if no money saved for retirement. Credit card debt and auto loans issued are at record highs. Savings rates are pitiful. The new year is a great time to take a look at your finances. Nearly everyone is faced with desperate times in their lives. If you had a tough year dealing with financial hardships, unemployment, and personal issues which may lead to a financial challenge, you could use your time to reflect and …