How Much Is the Average Retirement Aged American Worth?
May 6, 2021
Saving for retirement is very personalized. How much you will need depends on a variety of factors like your income, investments, and desired lifestyle in retirement. However, it is only natural to want to compare your level of savings with your peers in your age cohort. Well, luckily the Federal Reserve Board makes it easy to do.
Every three years the Fed conducts the Survey of Consumer Finances to gather information about American households’ net worth and income. The most recent report was released in late 2020 (and based on data from 2019), and it found that the median household net worth in the U.S. is $121,700, but it’s more than double that for people ages 65 to 74.
For people in their late 60s and early 70s, the median household net worth is $266,400. The average net worth for this age group is $1,217,700, but since averages skew higher due to high net households, so the median is considered more representative.
It is in this age group that net worth peaks. For households headed by people 75 or older, the median net worth is $254,800.