Here's the average net worth of Americans ages 75 and up (2024)

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The most recent Survey of Consumer Finances released by the Federal Reserve shows the median U.S. household net worth is $121,700. But for older Americans, it's more than double that amount.

According to the Fed data, the median net worth peaks between ages 65 and 74 and then falls when retirees enter their late 70s and beyond. Americans ages 75 and up have a median net worth of $254,800. The average, which skews higher thanks to high net worth households, is $977,600.

Most people's net worth starts to decrease during their non-working years. This decline is not surprising, given that most people live on a fixed income during retirement (usually a combination of social security and investment distributions). Retirees should therefore make sure they have enough resources to last through their golden years.

Even better is to get an early start by saving and investing as soon as you start making money. Earning potential tends to peak in the decades leading up to retirement, according to salary data insights company Payscale. Data shows that women reach their peak earnings at the age of 44, earning on average $66,700, and men reach their peak earnings at the age of 55, earning on average $101,200 (not accounting for other variables like race and education level).

Here's a look at the average and median net worth by age in the U.S., according to the Fed.

Household net worth by age

Age of head of family Median net worth Average net worth
Less than 35$39,000$183,500
35-44$135,600$549,600
45-54$247,200$975,800
55-64$364,500$1,566,900
65-74$409,900$1,794,600
75+$335,600$1,624,100

How net worth is calculated

Net worthrefers to the total value of assets you own minus any liabilities or debts.

Net worth = assets - liabilities

In its study, theFederal Reservelists several kinds of assets, including:

  • Cash within bank accounts, such as checking,savings,money market accounts, etc.
  • Prepaid debit cards
  • CDs and savings bonds
  • Government bonds
  • Health savings accounts
  • Investment accounts including529 college savings plansand individual taxable investment accounts
  • Retirement accounts, including IRAs,401(k)sand 403(b)s
  • Life insurance policieswith cash value
  • Annuities with equity
  • Vehicles including cars, RVs,motorcycles, boats and helicopters
  • Real estate, including rental homes and primary/residential homes

In calculating net worth, liabilities (aka debts) get subtracted from the value of assets amount. In the Fed's survey, debts included:

  • Mortgages
  • Home equity lines of creditor home equity loans
  • Credit cardbalances
  • Installment loans, including personal loans,auto loansand student loans

How to track net worth

While it's not necessary to obsess over net worth, you should start tracking it early so you have enough money in retirement.

Empower is a free investing and budgeting app that makes tracking net worth easy. The app lets users easily see all their financial data, including all linked assets and liabilities, in one place.

Users also get access to Empower's freeretirement planner toolwhere they can decide how much they need to retire (and at what age), then track their savings. Read Select's full review of Empower.

Need help tracking and growing your wealth?

Use a budgeting app to set clear goals and plan ahead for retirement. Here are our favorite picks:

Why net worth is important during retirement

The amount you save up for retirement becomes your income after you no longer earn a paycheck, making net worth a critical factor in how well you live.

According toretirement-plan providerFidelity Investments, people should have the equivalent of 10 times their income put aside by age 67 to have a comfortableretirement. Based on the U.S. Bureau of Labor Statistics'median American earnings data, this equates to roughly $514,280. However, it's impossible to predict what the economy will be like exactly, so a safer bet is to aim for more (some say as much as$1 million) if you want to be as worry-free as possible when you age.

Yet the reality is that most Americans retire with less than $1 million in the bank. In particular, women currently are behind on retirement savings compared to men.

The rule of thumb suggests that retirees should withdraw no more than 4% of their investments annually to cover everyday costs.

A person with $977,600 in a brokerage account could therefore withdraw $39,104 per year to live on according to the 4% rule. What's left over would stay in the stock market to continue earning year over year. A 75-year-old with the median net worth of $254,800 in a retirement account could hypothetically withdraw $10,192 per year according to this rule, or $849.33 per month.

But most people have more than $849 in monthly expenses, even if they've paid off major expenses such as a mortgage or vehicle. And $849 doesn't begin to cover variable costs like medical bills and home repairs, let alone extras like vacations, birthday gifts, etc. That's why building your net worth early is important.

Compare your net worth

Here's the average net worth of people under 35

Here's the average net worth of Americans ages 35 to 44

Here's the average net worth of Americans ages 45 to 54

Here's the average net worth of Americans ages 55 to 64

Here's the average net worth of Americans ages 65 to 74


Information about PocketGuard has been collected independently by CNBC Select and has not been reviewed or provided by PocketGuard prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Here's the average net worth of Americans ages 75 and up (2024)

FAQs

Here's the average net worth of Americans ages 75 and up? ›

According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.

What is the average net worth of a 75 year old American? ›

Americans' average net worth by age
Age of family head (or reference person)Median net worthAverage net worth
45-54$247,200$975,800
55-64$364,500$1,566,900
65-74$409,000$1,794,600
75+$335,600$1,624,100
2 more rows
Nov 5, 2023

What is the average income of a 75 year old? ›

According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.

What is the average net worth by age of Americans? ›

The average American net worth is $1,063,700, as of 2022. Net worth averages increase with age from $183,500 for those 35 and under to $1,794,600 for those 65 to 74. Net worth, however, tends to drop for those 75 and older.

How much does the average 75 year old American have in savings? ›

Savings by Age
AgeAverage Account BalanceMedian Account Balance
45 to 54$48,200$6,400
55 to 64$57,670$5,620
65 to 74$60,410$8,000
75 and older$55,320$9,300
2 more rows
Sep 19, 2023

What percentage of retirees have 5 million dollars? ›

According to EBRI estimates based on the latest Federal Reserve Survey of Consumer Finances, 3.2% of retirees have over $1 million in their retirement accounts, while just 0.1% have $5 million or more. However, there's a surprising amount of information to unpack.

What percentage of retirees have $4 million dollars? ›

According to a 2020 working paper from the Center for Retirement Research at Boston College, the top 1% of retirees—which a retiree with $4 million in assets would fall into—can expect to pay about 22.7% in state and federal taxes.

What is the average Social Security check? ›

Social Security offers a monthly benefit check to many kinds of recipients. As of December 2023, the average check is $1,767.03, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.

How much does the average 70 year old have in the bank? ›

According to the data, the average 70-year-old has approximately: $60,000 in transaction accounts (including checking and savings) $127,000 in certificate of deposit (CD) accounts.

Is $10,000 a month enough to retire? ›

Everyone isn't going to want to spend $10,000 net a month in retirement. For some people, that will be way more than they need each month. For others, it might not be enough. And there might be some people that spending $10,000 net a month in retirement is just right.

What net worth is considered wealthy in the US? ›

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

What is a good net worth at 70? ›

Average net worth by age
Age by decadeAverage net worthMedian net worth
60s$1,634,724$454,489
70s$1,588,886$378,018
80s$1,463,756$345,100
90s$1,318,023$315,085
4 more rows

What percentage of retirees have $3 million dollars? ›

Specifically, those with over $1 million in retirement accounts are in the top 3% of retirees. The Employee Benefit Research Institute (EBRI) estimates that 3.2% of retirees have over $1 million, and a mere 0.1% have $5 million or more, based on data from the Federal Reserve Survey of Consumer Finances.

What is a good portfolio for a 75 year old? ›

But now that Americans are living longer, that formula has changed to 110 or 120 minus your age — meaning that if you're 75, you should have 35% to 45% of your portfolio in stocks. Using this formula, if your portfolio totals $100,000, then you should have no less than $35,000 in stocks and no more than $45,000.

Does net worth include home? ›

Household wealth or net worth is the value of assets owned by every member of the household minus their debt. The terms are used interchangeably in this report. Assets include owned homes, vehicles, financial accounts, retirement accounts, stocks, bonds and mutual funds, and more.

What is a good net worth to retire? ›

By age 40, you should have accumulated three times your current income for retirement. By retirement age, it should be 10 to 12 times your income at that time to be reasonably confident that you'll have enough funds.

How much should a 75 year old have for retirement? ›

Average retirement savings by age
AgeAverage retirement savings (2022)Median retirement savings (2022)
45 to 55$313,220$115,000
55 to 64$537,560$185,000
65 to 74$609,230$200,000
75 or older$462,410$130,000
2 more rows
Dec 21, 2023

How many people have $1,000,000 in retirement savings? ›

In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved.

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