Health & Fitness
Uncertain economic conditions make financial planning even more important.
Over the two years following the Great Recession, average income for U.S. households fell by the same amount as during the actual recession.
4.1%: Drop in US median household income following the Great Recession
Over the two years following the Great Recession, average income for U.S. households fell by the same amount as during the actual recession. According to the Census Bureau, the median income of U.S. households was $52,195 when the Great Recession ended in 2009. In the following two years, that number declined 4.1% to $50,054. During the recession itself (2007-2009), median household income dropped 4.2%.
This scenario is not unheard of. Households also experienced persistent declines in income following the recessions of 1990-91 and 2001, though those losses were not as great as with the current recovery. Uncertain economic conditions make financial planning even more important. Ensure you have a plan in place and revisit it regularly.
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Sources:
Pew Research Center: "A Recovery No Better than the Recession," 9/12/2012
Find out what's happening in Avon-Avon Lakewith free, real-time updates from Patch.
US Census Bureau
All income amounts are in 2011 dollars.
Prepared by BlackRock
Delivered courtesy Joel W. Grams, CRPC®, CLTC,
Registered Representative, 212 Capital Group
38 Main Street Suite 360, Westlake Ohio 44145
(440) 835-4501 Ext 17, jgrams@212capitalgroup.com
The foregoing discussion is general in nature and not intended as specific advice.
New England Financial nor its representatives are engaged in rendering tax,
accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.
For information on New England Financial insurance or other financial products and services, please contact Joel W. Grams, CRPC®, CLTC, Registered Representative, Financial Planner with /New England Financial 38 Main Street Suite 360, Westlake, OH 44145, at (440) 835-4501 ext. 17, jgrams@212capitalgroup.com www.212capitalgroup.com
New England Financial is the registered mark for New England Life Insurance Company (NELICO) Boston, MA 02116. Securities and investment advisory services offered through New England Securities, Corp. (NES)(member FINRA/SIPC) a Registered Investment Advisor. NELICO and NES are MetLife companies. L0912282528[exp1013][OH]