Average Net Worth By Age (2022 Edition)
What is the average net worth by age in America? You might be surprised how the average net worth compares to your net worth.
Net worth is calculated by taking your assets (Retirement accounts, bank accounts, investments, home, rental property, anything that can be turned to cash) minus your liabilities (mortgage debt, credit card debt, or any other liabilities).
Average Net Worth Bt Age:
35 & Under: $76,300
35-44: $436,000
45-54: $833,000
55-64: $1,100,000
65-74: $1,200,000
Median Net Wroth:
35 & Under: $13,900
35-44: $91,300
45-54: $168,600
55-64: $212,500
65-74: $266,400
What is a good net worth by age? Well, if you are younger, your net worth is mainly going to be concentrated in your home with a bigger liability and smaller in your retirement accounts and retirement investments. As you get older, your net worth should grow more in your retirement accounts, retirement investments, and other investments, while your liabilities goes down.
What is the net worth to be considered wealthy? Well that depends on your definition of wealthy. Wealth is normally described as being able to cover all your monthly expenses or retirement expenses and not having any needs. As a financial advisor and Certified Retirement Counselor, I define wealth for my retired clients as those individuals and families who are financially independent. That means they have a retirement plan and retirement income strategy to get them to retirement, through retirement, and protecting their ability to stay in retirement.
Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.
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