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  • Wen Capital Advisory Group

Unlocking the Treasures of Financial Wellness

Updated: Jan 25

While finances and health may seem unrelated, the two are often closely intertwined, especially in America’s bustling, free-flowing marketplace. Will the nation’s economy gather momentum in the years ahead? Will Americans continue to improve their personal balance sheets as the country moves forward?

First, let’s take a look at the financial facts by the numbers: 

• $67,521: the median income of an American household.1 

• $145,000: the average American household debt.2 

• $2,581: the average charitable contribution of general-population households.3 

• 697: the average American’s credit score.4 

• $106,478: the average American’s 401(k) balance. 5 

• 8.9%: the average 401(k) contribution rate as a percentage of salary.

• 35.3%: the percentage of US households that own a tradition or Roth IRA account.7 

• $1,657: the average American’s monthly social security retirement benefit.8 

• 40%: the percentage of the average worker’s income that social security was designed to replace.9 

Second, let’s examine two of the largest lifetime expenditures: retirement and health care. The general rule for retirement income is to have 70-80% of your working income available. However, some analysts say you should hit 100% of your annual working income levels during at least the first few years of retirement. Generally, spending habits don’t significantly change during retirement. Some expenses may decline while others, such as traveling costs, may increase.10,11

While the average retirement lasts 19 years for men and 21.6 years for women, married couples may fare better: at least one person, on average, is likely to make it to age 93. That could be 30 years or more, depending on the age at which you and your spouse retire.12 With annual U.S. health-care costs rising to $4.1 trillion, the industry consumes nearly 20% of the U.S. gross domestic product. What does that mean for the average retiree?13 A healthy couple retiring at the age of 65 can expect to pay nearly $208,000 out of pocket for health care expenses throughout the course of their retirement. This figure does factor in Medicare insurance, which takes effect at 65.14 One way you can prepare for future health care costs is by taking advantage of tools designed to help you prepare for them, such as a health savings account (HSA). An HSA is a type of tax advantaged savings account that can be used to pay for medical, dental, and vision care as well as prescription drugs. Keep in mind that once you start Medicare, you can no longer contribute pre-tax dollars to your HSA. If you were to withdraw money from your HSA for a non-medical reason, that money becomes taxable income and you face an additional 20% penalty. After age 65, you can take money out without the 20% penalty, but it still becomes taxable income.15 What about those who aren’t retired or anywhere near retirement? The average individual health insurance premium is about $450 a month, and premiums for families are about $1,157. What about deductibles? Under individual plans, they amount to around $4,490, and for families, they are about $8,440. How about by age? The average monthly premiums for different age groups are as follows: $224 for those under 18, $267 for 18–24 year olds, $318 for 25–34 year olds, $391 for 35–44 year olds, $529 for 45–54 year olds, and $771 for 55–64 year olds.16 

What do you do if your financial health needs some exercise? How do you create a strong bottom line to prepare for an uncertain financial future? 


The first step in creating financial wellness is to gain knowledge. Knowledge is power—the power to build robust financial health. Some employers, organizations, and communities offer financial wellness programs. If such programs are available to you, consider signing up. The more you know, the better. The financial world can be complex and confusing. Understanding where the opportunities lie and how to make your way through the muddle of money management may give you a distinctive edge. If your employer doesn’t have a program, develop or find one of your own. Do the research. Remember, getting yourself a financial education may set you in the right direction. However, the most valuable, reliable, and up-to-date information may come from a financial professional who can help you with financial wellness programs on budgeting, debt management, and retirement strategies. It’s never too late to chart your course to financial wellness.


Part of goal setting is saving. Saving a portion of your income helps you develop financial discipline and allows you to envision your future more clearly. Saving also applies to—but is not exclusive to— preparing for your retirement. Saving helps keep you smooth and steady on life’s path through emergencies and unexpected twists and turns. It also helps you develop your ability to focus on both your short-and long-term goals, as opposed to meeting only your immediate needs. If your company provides a retirement plan, consider participating in it. Contributions to tax-deferred retirement plans indirectly help foster the budget discipline that may help you in the future.


Consult with a financial professional. Professionals can provide insight and direction and help you develop a more disciplined approach to managing your personal finances. They can also provide you with the tools to paint your vision of a prosperous future.


1., 2021

2., 2022

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8., 2021

10., 2022

12., 2021

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14., 2021

15., 2021

16., 2021 This material does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.


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