According to the Fed data, the median net worth for Americans in their late 60s and early 70s is $266,400. The average (or mean) net worth for this age bracket is $1,217,700, but since averages tend to skew higher due to high net worth households, the median is a much more representational amount.
While $266,400 may seem like a lot of money at first, people in their 60s usually start tapping into their net worth to cover living expenses in retirement. When planning for your non-working years, it’s important to understand how net worth works and how it relates to living on a fixed income.
Here’s a look at the average and median net worth by age in the U.S., according to the Fed. As you can see, net worth tends to peak for most American during the decade after age 65.
Author(s): Megan DeMatteo
Publication Date: 4 May 2021
Publication Site: CNBC