Average debt per family is a more useful metric.
I love comparing my situation to the "average", whether it be debt, retirement savings, or income.
Always well up in the 90th percentile of each group. That's how I know I'm doing pretty well.
I'm really concerned with what will happen when all the Baby Boomers retire. Most of them have under $200K in retirement savings and Social Security alone is not going to cut it for most of these folks.
I see a big tax grab for those who did manage their finances properly. The Fable of the Ant and the Grasshopper comes to mind.
They won’t be retiring, they will work until the day they die.
See the link in post 24.
However much an average family owes in personal debit is nothing. NOTHING compared to what they owe in US debt.
“Most of them have under $200K in retirement savings and Social Security alone is not going to cut it for most of these folks.”
A 1/3 of baby boomers have zero saved and most BB have on average $110,000 in debt.
Lot of folks will never retire or their money is going to run out quick.