According to a report I recently read, the Fed reports that:
“The average American family’s household net worth declined 23% between 2007 and 2009. A rare survey of U.S. households, first performed in 2007 but repeated in 2009 in order to gauge the effects of the recession, reveals the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009.”
This is, as you might guess, an unfortunate effect that the recession has had on many of us. For many families, this recession resulted in lost jobs, lost homes and had, in some cases, devastating effects on overall financial and retirement plans. The good news is that the economy is starting to recover (albeit slowly, and with fewer good jobs than we would hope for). This recovery gives everyone an opportunity to start to pick up the pieces and begin the process of rebuilding their finances. I am currently reviewing many of my personal client’s situations, and in many cases we are altering course somewhat in order to give them the best chance at reaching their goals.
If you haven’t reviewed your financial plans in a while, perhaps it is time to start thinking about it. It’s never too late to develop or revise a plan, and it certainly never too early! Please contact my office if I can be of assistance. I would be more than happy to assist you with a review of your plans.