January 8, 2018

Average Net Worth by Age

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The average American has a net worth of $80,000. Considering the average retiree needs $39,000 per year of retirement, $80,000 won't get anyone very far.

Read on to learn more about net worth and how you measure up.

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Measuring Net Worth by Age Bracket

  • What is the average net worth of a 35 year-old?
    The average 35 year-old has a net worth of $6,900. This includes home equity. The average net worth of the average 35 year-old without home equity is $4,138.

  • What is the average net worth of 35-44 year-olds?
    The average person aged 35-44 years old has a net worth of $45,740, including their home equity. Without home equity, the average net worth for this age range is $18,197.

  • What is the average net worth of 45-54 year-olds?
    The average person aged 45-54 years old has $100,404 in net worth, including their home equity. Not taking into account home equity, this age range has an average net worth of $38,826.

  • What is the average net worth of 55-64 year-olds?
    The average person aged 55-64 years old has $164,498 in net worth, including home equity. The average net worth has the biggest jump with this age range. However, many people start drawing from their assets as they near retirement age.

    Without home equity, the average 55-64 year-old has a net worth of $57,800.

  • What is the average net worth of 65-69 year-olds?
    The average person aged 65-69 has $193,833 in net worth, including home equity. Without home equity, the average 65-69 year-old has $66,168 in net worth.

  • What is the average net worth of 70-74 year-olds?
    Including home equity, the average person aged 70-74 years old has $225,390 in net worth. The average 70-74 year-old has $68,176 in net worth, excluding home equity.

  • What is the average net worth of those aged 75 and up?
    The average person over the age of 75 has $197,758 in net worth. Without home equity, the average person aged 75 and older has $46,936 in net worth.

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Measuring Net Worth Overall

  • What is the average net worth of all Americans?
    On average, Americans have a net worth of $80,039. This represents the approximate 43% of Americans that identify with the "middle class." Half of Americans have more than $80,000 in net worth and half have less than this amount.

  • What is the average net worth of married couples?
    The average married couple of all ages has an average net worth of $167,704, including their home equity. Without home equity, the average married couple has a $73,504 net worth.

  • What is the average net worth of all households without kids?
    Households without any children living with them have an average net worth of $102,308, including home equity. Without home equity, they have an average net worth of $32,092.

  • What is the average net worth of all households with kids?
    Households with children tend to have less net worth. The average with home equity is $42,476 and without home equity, it's $14,993.

  • What is the average net worth of those with only a high school diploma?
    The average high school graduate with no college experience has an average net worth of $36,975.

  • What is the average net worth of those with a bachelor's degree?
    The average college graduate with a bachelor's degree has an average net worth of $147,578, or $110,000 more than those with just a high school diploma.

  • What is the average net worth of those with a graduate degree?
    People with a graduate degree have a significantly higher net worth, with averaging around $325,000.

  • What is the average student loan debt of those with a college degree?
    College graduates leave college today with an average of $37,000 in debt. Graduates with a bachelor's degree have around $35,000 in debt and those with a graduate degree have closer to $59,000 in debt. This liability takes away from the total net worth of college graduates.

Retirees and Net Worth

  • What is the average social security payment today?
    On average, retirees can expect a payment of $1,341 per month from social security.

  • How much money does the average retiree need to live?
    Every person is different, but you should aim to have 70% of your pre-retirement income to live comfortably during retirement. The median household income today is $56,516, which means the average household should have at least $39,000 per year in retirement. Social security only makes up around $15,000 of that amount. The remaining $24,000 must come from retirement savings.

  • What is the average retirement age today?
    The average retirement age in the U.S. is 63. More specifically, men retire at an average age of 64 and women an average age of 62. This is when people start drawing from their assets and lowering their net worth.

  • What is the definition of net worth?
    Your net worth is the total amount of your assets minus your liabilities. It's a measure of what you are "worth," assuming all of your debts are paid.

Figuring Out Your Net Worth

  • How do you calculate your net worth?
    As mentioned above, your net worth is the total of all your assets minus your total liabilities. Your assets include liquid and non-liquid assets, such as your car, home, and investments. Your liabilities are all debts you carry, including any that are deferred, such as student loans.

  • What is the average net worth that makes a person "wealthy"?
    According to a study conducted by Charles Schwab, a net worth of $2.4 million or more makes a person wealthy. That's 30 times the net worth of the average American today.

Obviously, the higher net worth you have, the easier retirement will be. However, just how much you need and what makes you "wealthy" is a personal decision. Consider your daily expenses and what you want to accomplish during retirement. Then set your goals accordingly, getting your net worth where you need it to be.

Sources and References:

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