Approximately 31% of people do not understand that their credit score affects their cost and ability to get credit (Source: Consumer Federation of America, 2008).
More than 7.5 million American homeowners with a mortgage are spending half of their income or more on housing costs (Source: U.S. Census Bureau, 2008).
Nearly 50% of long-term-care insurance claimants experience their disability before age 65. The average claim lasts just over 2.5 years, and two-thirds of claimants receive their care at home. In 2007, insurers paid $3.5 billion in benefits to 180,000 Americans (Source: eba.benefitnews.com, 2008).
A recent survey found that less than half of investors between the ages of 55 and 75 regularly reviewed their spending strategies. When asked how they developed a plan for making withdrawals from long-term accounts, 37% based withdrawals on living expenses, 21% used a consistent dollar amount, 21% had no formal approach, and 16% spent investment income (Source: Vanguard.com, 2008).
In 2006, 29% of Americans in their late 60s were still working, up from 18% in 1985 (Source: Investment News, November 2008).