GIVING THANKS FOR RANDOM FACTS
As the holiday season draws near, I can’t help but reflect on the things that truly bring joy to my life. You know what I’m talking about— the things that make you smile, that you look forward to, like your kids coming home from college, the Patriots winning a game, or,indulging in a meal at your favorite restaurant. But beyond those familiar pleasures, there are a few more unique things I’m grateful for.,And yes, one of them is the Journal of Financial Planning.
Now, you might think, “Really? A financial journal?” But hear me out! Every month when the latest edition lands, my wife and I gather around and dive into the Stat Bank section. It’s become a fun ritual for us, dissecting some of the more curious facts and figures. So, in the spirit of sharing, I’ve collected a few of my all- time favorite snippets from these Stat Banks. There’s no specific theme here—just some fascinating, eye-opening facts that might make you think twice!
Let’s start with a staggering number: $36 billion. That’s right—billion with a “B.” That’s the cost seniors in our country collectively lose each year to scams. On average, that’s about $120,000 per victim. And yet, only 1 in 42 cases of financial exploitation gets reported. Can you believe that? I even wrote an article back in June 2022 about identity theft and how to prevent it, but sadly, as technology evolves, so do the tactics of criminals. We’ve got to stay vigilant if we want to outsmart the scammers.
Next up, nursing home care. Brace yourself for this one—the median monthly cost for a private room in a nursing home is $9,733 today. And by 2050? It’s projected to soar to a jaw-dropping $21,620. Health care costs are climbing faster than almost any other part of the economy, so planning for retirement has never been more crucial.
And while we’re on the topic of rising costs, did you know the average price of college tuition has ballooned by 40 percent in the past 20 years? Yet only 50 percent of Americans even know what a 529 plan is, let alone how it works. Shockingly, 23 percent of 529 plan users don’t realize the funds can be used for education costs, and just 19 percent know that you can roll those funds over into a Roth IRA. Talk about missing out on valuable financial knowledge!
Speaking of financial tools, let’s talk about HSAs (health spending accounts) and FSAs (flexible spending accounts). Only 49 percent of Americans grasp the tax benefits of using them, even though they can make a real difference in lowering your tax burden. And here’s another fun fact: 75 percent of people admit their tax refund is an important part of their personal financial health. Wouldn’t it be better to manage your finances so you can use your money throughout the year, instead of giving Uncle Sam a free loan?
All of these stats point to one important takeaway: you want to be prepared. Whether it’s avoiding scams, covering rising healthcare costs, or maximizing tax-saving opportunities, it’s essential to be proactive A CERTIFIED FINANCIAL PLANNER® can help you navigate these financial waters. They’ll work with you to protect your assets from scams, help you plan for the future, and ensure you’re making the most of your financial resources – today and tomorrow.
So, as we dive into the season of gratitude, remember to take stock of the things that matter most – including your financial well-being!
