Average and median net worth of Americans by age
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Maybe I should read the article, but since this is about Net Worth, you'd have to think the surge in home prices (and therefore net worth equity from it) helps these numbers a bit for the older cohorts. As does the surge in the stock market over the last 7-15 years.
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@Mik said in Average and median net worth of Americans by age:
I guess if that's the case we're in better shape nationally than I thought.
https://www.numbeo.com/cost-of-living/in/Cincinnati
https://www.numbeo.com/cost-of-living/in/Fairfax
It very much comes down to where you choose to live. That median income living in Cincinnati is pretty great! That median living in my area? Not so great. Even worse living in NY, Boston, LA, San Francisco, etc…Now consider what percentage of our population lives in the expensive areas vs the Cincinnatis and Pittsburghs of the country…
Karla and I planned early on to do okay in this area so we can retire in relative ease in Pittsburgh or Ohio…
The Brad
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Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
"The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil
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@Mik said in Average and median net worth of Americans by age:
I guess if that's the case we're in better shape nationally than I thought.
https://www.numbeo.com/cost-of-living/in/Cincinnati
https://www.numbeo.com/cost-of-living/in/Fairfax
It very much comes down to where you choose to live. That median income living in Cincinnati is pretty great! That median living in my area? Not so great. Even worse living in NY, Boston, LA, San Francisco, etc…Now consider what percentage of our population lives in the expensive areas vs the Cincinnatis and Pittsburghs of the country…
Karla and I planned early on to do okay in this area so we can retire in relative ease in Pittsburgh or Ohio…
@LuFins-Dad said in Average and median net worth of Americans by age:
Karla and I planned early on to do okay in this area so we can retire in relative ease in Pittsburgh or Ohio…
Until the grands come and Karla will want to be wherever they are…
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The problem with calling your house and "asset," is that you'll have to live somewhere....
Maybe the kids'll take you in. Maybe....
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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My 401k has percentile statistics about where my balance is as compared to my age and income cohort with 401ks with this broker. All I've been doing is maxing my contributions for the past 20 years and choosing a balanced growth portfolio, and somehow I come out in the 99th percentile. I guess people switch jobs a lot, and roll their 401k into an IRA, which would then not be included in these statistics.
Education is extremely important.
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Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
@Mik said in Average and median net worth of Americans by age:
Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
Even the average is way too low. The median is abysmal.
I was originally planning on retiring at 65-67, but Finley is likely moving it back to 69-70. I’d like to get him through college before retiring. But that’s l made me rethink Social Security. I originally planned on taking it at 67, but am wondering if I should start taking the reduced amount at 62 and dump it into the IRA. Over 8 years that should add about $200K into the account before retirement. Thoughts?
The Brad
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My 401k has percentile statistics about where my balance is as compared to my age and income cohort with 401ks with this broker. All I've been doing is maxing my contributions for the past 20 years and choosing a balanced growth portfolio, and somehow I come out in the 99th percentile. I guess people switch jobs a lot, and roll their 401k into an IRA, which would then not be included in these statistics.
@Horace said in Average and median net worth of Americans by age:
I guess people switch jobs a lot, and roll their 401k into an IRA,
When I first had a 401K we had little control over the investment options.
The results from both 401K plans I had was so terrible, that it was worth changing jobs just so you could control the retirement fund in an IRA.
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The problem with calling your house and "asset," is that you'll have to live somewhere....
Maybe the kids'll take you in. Maybe....
@George-K said in Average and median net worth of Americans by age:
The problem with calling your house and "asset," is that you'll have to live somewhere....
Maybe the kids'll take you in. Maybe....
Everyone is born with a short position in real estate.
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@Mik said in Average and median net worth of Americans by age:
Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
Even the average is way too low. The median is abysmal.
I was originally planning on retiring at 65-67, but Finley is likely moving it back to 69-70. I’d like to get him through college before retiring. But that’s l made me rethink Social Security. I originally planned on taking it at 67, but am wondering if I should start taking the reduced amount at 62 and dump it into the IRA. Over 8 years that should add about $200K into the account before retirement. Thoughts?
@LuFins-Dad said in Average and median net worth of Americans by age:
@Mik said in Average and median net worth of Americans by age:
Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
Even the average is way too low. The median is abysmal.
I was originally planning on retiring at 65-67, but Finley is likely moving it back to 69-70. I’d like to get him through college before retiring. But that’s l made me rethink Social Security. I originally planned on taking it at 67, but am wondering if I should start taking the reduced amount at 62 and dump it into the IRA. Over 8 years that should add about $200K into the account before retirement. Thoughts?
Depends how much you’re making at that time. If it’s over I think $150k or so you’ll pay a lot more fore Medicare. Planning can be tricky. My BIL cashed in a couple mil in stock options and really got screwed.
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@LuFins-Dad said in Average and median net worth of Americans by age:
@Mik said in Average and median net worth of Americans by age:
Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
Even the average is way too low. The median is abysmal.
I was originally planning on retiring at 65-67, but Finley is likely moving it back to 69-70. I’d like to get him through college before retiring. But that’s l made me rethink Social Security. I originally planned on taking it at 67, but am wondering if I should start taking the reduced amount at 62 and dump it into the IRA. Over 8 years that should add about $200K into the account before retirement. Thoughts?
Depends how much you’re making at that time. If it’s over I think $150k or so you’ll pay a lot more fore Medicare. Planning can be tricky. My BIL cashed in a couple mil in stock options and really got screwed.
