State of the American Family Finances - Live Mutual

STATE OF THE AMERICAN FAMILY STUDY

All types of American families – multi-cultural, LGBTQ, military, and millennials, to name a few – are feeling more optimistic about their finances. However, worry and uncertainty remain. Learn more about how you can take control of your finances, secure your financial future, and protect the ones you love.

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Infographic - 1 in 3 believe the American Dream is disappearing. 1 in 3 have a retirement plan. 1 in 4 are prepared for a financial emergency.

Buying your first home

First step? Budget. But many other considerations follow.

Setting financial goals: Savings

Set a plan for your savings goals as part of a long-term financial strategy.

Setting financial goals: Debt

View the elimination of debt as a long-term financial goal and create a schedule and plan.

Infographic - 79% percent of African American families say paying down debt is a high priority. 47% of African Americans are more likely to include extended friends and family in their definition of family. Of all ethnic groups surveyed, African American parents are most actively involved in educating their children on finances.

Credit card debt: The problem, fixes, and prevention

Large amounts of credit card debt make it hard to withstand financial and economic shocks.

Setting financial goals: Savings

Set a plan for your savings goals as part of a long-term financial strategy.

Black families and wealth: Motivation and challenges

Debt and lower incomes present headwinds to wealth accumulation in the African American community.

Getting the most out of your 529 plan

A 529 plan allows you to save for that coming college bill in a tax-advantaged way.

6 ways to cut college costs in half

Cut college costs by as much as half by studying abroad, leveling down, or paying in-state tuition.

Mutual vs. stock insurance companies: Pros and cons

Knowing the differences between a mutual and stock insurer is key before purchasing your life insurance policy.

Tips to help maximize your retirement income

There are benefits to having a financial plan and being thoughtful in your retirement approach.

Gifting life insurance for kids: 3 reasons

Buying a life insurance policy for your child or grandchild can help them protect their future financially.

Four simple ways to become a super saver

Super savers invest smart, set goals, and use new money to strengthen their financial safety net.

Infographic - In order to try to balance work and home life, working parents of a child with special needs are more likely to get help with childcare from family other than their parent(s)/ in-law(s); 17 vx 10% non-special needs. Caregivers spend about 5 hours a day providing care to their dependent with special needs. Only 50% of families with dependents with special needs have at least 3 months or more emergency funds saved.

A tool for the disabled: ABLE accounts

ABLE accounts let those with disabilities save without putting their public benefits in peril.

Visually impaired veteran: My guides are my heroes

A veteran who lost his sight had to learn to trust his guides to tackle a marathon. Now he’s hooked.

Backwards Bill: A lesson in mutual support

How a disabled marathon runner inspires others and gets his own inspiration.

Live Mutual lesson from wheelchair marathoner

Infographic - 60% of Korean American families include paying down debt as a financial priority. 57% of Korean American families include college as a financial priority. Only 20% of Korean American families have an actual retirement plan in place.

Setting financial goals: Retirement

Contributing to qualified retirement plans is just part of the equation.

Managing debt in a balanced way

Paying off debt is important, but not at the expense of savings and retirement plans.

A primer on college financial aid

College tuition continues to rise so understanding financial aid options is critical.

Infographic - 61% of Latino families consider paying for their children's college education a financial priority. Retirement is a concern for Latino families. 2/3 are not confident they are prepared for retirement. One third have a plan for retirement. More than 83% of Latino families define the American Dream as financial security for their family. However, less than half (48%) feel confident that they can achieve this.

Setting financial goals: Savings

Set a plan for your savings goals as part of a long-term financial strategy.

Hispanics face greater retirement risks

Latinos live longer and, statistically, have less saved for retirement.

Retirement: How to preserve it while helping your parents

Can you help your aging, financially struggling parents without compromising your future financial security?

60% of LGBTQ families will only buy financial products from companies that are socially responsible. 37% of LGBTQ families have less than 1 month of expenses saved for an emergency. Only 37% of LGBTQ families are confident in their ability to pay for their children's education.

LGBTQ marriage perks

Same-sex spouses should take advantage of all marital benefits available.

Parents and LGBTQ kids

How parents of LGBTQ children can show love and support at home.

MassMutual offers advice from the experts on raising an LGBT child

Estate planning for LGBTQ couples

There are many financial opportunities – and potential pitfalls – for gay and lesbian couples.

Infographic - 45% of military families are confident they are financial prepared for retirement vs 32% non-military families. 63% of families have credit card debt vs 55% non-military families. 1 in 4 military families have less than one month of expenses set aside for emergencies.

Living Mutual: Celebrating our soldiers

If you ask a soldier what makes a good soldier, odds are he or she will tell you other soldiers.

Is military life insurance enough?

Service members may need a supplemental policy to protect their family after they retire or leave the military.

Visually impaired veteran: My guides are my heroes

A veteran who lost his sight had to learn to trust his guides to tackle a marathon. Now he’s hooked.

Infographic - 39% of Millenial Families feel like they should be doing more to save for the future. 35% often have to prioritize day-to-day expenses. 32% wish they were more in control of their finances.

Do you need life insurance in your 20s?

Getting a policy early in life costs less than when you’re older and leaves options open.

Buying a house: What millennial homebuyers want

Younger buyers seek affordable homes in the suburbs.

Millennials and retirement: The 'to-do' list

Retirement saving is not on most millennials’ list of top priorities.

Infographic - 47% of families in the sandwich generation spend time caring for parents/in-laws on a daily basis. 36% of sandwich generation families wish they knew more about how to plan for parent's care and finances. Sandwich generation families are better prepared for an emergency: 55% have 3 months or more expenses saved.

Helping your teenager establish good credit

Teach your teenager how to achieve a high credit score and sound credit history.

The changing notion of a dependent

Who they are and their financial needs are varied in today's modern family.

The changing role of the caregiver

Emotional and financial demands change from pets to children to parents.

Infographic - Almost half of women are responsible for the management of their household finances. Having an emergency fund is the top financial priority for women, yet almost 1/4 of women surveyed have less than one month of expenses saved. Three-quarters of women are not confident that they are doing a good job of preparing financially for retirement, only 1/4 have a definite plan for retirement saving.

5 reasons why women should be selfish…financially

Women often help their friends and family at the expense of their own financial security.

7 financial secrets for new moms

Budgeting and planning tips for a new baby.

Retirement planning: What women do right

Women plan well for retirement, but they still lag behind men in account balances.

State of the American Family

All Families

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African American Families

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Asian Indian Families

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Chinese American Families

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Families with Special Needs

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Korean American Families

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Latino Families

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LGBTQ Families

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Military Families

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Millennial Families

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Sandwich Generation Families

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Women

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