Skip to content
  • Categories
  • Recent
  • Tags
  • Popular
  • Users
  • Groups
Skins
  • Light
  • Cerulean
  • Cosmo
  • Flatly
  • Journal
  • Litera
  • Lumen
  • Lux
  • Materia
  • Minty
  • Morph
  • Pulse
  • Sandstone
  • Simplex
  • Sketchy
  • Spacelab
  • United
  • Yeti
  • Zephyr
  • Dark
  • Cyborg
  • Darkly
  • Quartz
  • Slate
  • Solar
  • Superhero
  • Vapor

  • Default (No Skin)
  • No Skin
Collapse

The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Average and median net worth of Americans by age

Average and median net worth of Americans by age

Scheduled Pinned Locked Moved General Discussion
14 Posts 8 Posters 84 Views
  • Oldest to Newest
  • Newest to Oldest
  • Most Votes
Reply
  • Reply as topic
Log in to reply
This topic has been deleted. Only users with topic management privileges can see it.
  • MikM Offline
    MikM Offline
    Mik
    wrote on last edited by Mik
    #4

    I guess if that's the case we're in better shape nationally than I thought.

    "The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil

    LuFins DadL 1 Reply Last reply
    • MikM Mik

      I guess if that's the case we're in better shape nationally than I thought.

      LuFins DadL Offline
      LuFins DadL Offline
      LuFins Dad
      wrote on last edited by
      #5

      @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

      jon-nycJ 1 Reply Last reply
      • MikM Offline
        MikM Offline
        Mik
        wrote on last edited by
        #6

        Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
        Capture.JPG

        https://www.msn.com/en-us/money/personalfinance/the-average-401-k-balance-by-age/ar-AALbMLq?ocid=msedgntp&pc=LCTS&cvid=a693c86f393f4e7e8cd3074ff9028394&ei=11

        "The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil

        LuFins DadL 1 Reply Last reply
        • LuFins DadL LuFins Dad

          @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…

          jon-nycJ Offline
          jon-nycJ Offline
          jon-nyc
          wrote on last edited by
          #7

          @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…

          Thank you for your attention to this matter.

          1 Reply Last reply
          • George KG Offline
            George KG Offline
            George K
            wrote on last edited by
            #8

            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.

            jon-nycJ 1 Reply Last reply
            • HoraceH Online
              HoraceH Online
              Horace
              wrote on last edited by Horace
              #9

              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.

              CopperC 1 Reply Last reply
              • MikM Mik

                Yeah, I think house value has a lot to do with these figures. Here are some average 401Ks by age.
                Capture.JPG

                https://www.msn.com/en-us/money/personalfinance/the-average-401-k-balance-by-age/ar-AALbMLq?ocid=msedgntp&pc=LCTS&cvid=a693c86f393f4e7e8cd3074ff9028394&ei=11

                LuFins DadL Offline
                LuFins DadL Offline
                LuFins Dad
                wrote on last edited by LuFins Dad
                #10

                @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.
                Capture.JPG

                https://www.msn.com/en-us/money/personalfinance/the-average-401-k-balance-by-age/ar-AALbMLq?ocid=msedgntp&pc=LCTS&cvid=a693c86f393f4e7e8cd3074ff9028394&ei=11

                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

                MikM 1 Reply Last reply
                • HoraceH Horace

                  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.

                  CopperC Offline
                  CopperC Offline
                  Copper
                  wrote on last edited by
                  #11

                  @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.

                  1 Reply Last reply
                  • George KG George K

                    The problem with calling your house and "asset," is that you'll have to live somewhere....

                    Maybe the kids'll take you in. Maybe....

                    jon-nycJ Offline
                    jon-nycJ Offline
                    jon-nyc
                    wrote on last edited by
                    #12

                    @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.

                    Thank you for your attention to this matter.

                    1 Reply Last reply
                    • LuFins DadL LuFins Dad

                      @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.
                      Capture.JPG

                      https://www.msn.com/en-us/money/personalfinance/the-average-401-k-balance-by-age/ar-AALbMLq?ocid=msedgntp&pc=LCTS&cvid=a693c86f393f4e7e8cd3074ff9028394&ei=11

                      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?

                      MikM Offline
                      MikM Offline
                      Mik
                      wrote on last edited by
                      #13

                      @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.
                      Capture.JPG

                      https://www.msn.com/en-us/money/personalfinance/the-average-401-k-balance-by-age/ar-AALbMLq?ocid=msedgntp&pc=LCTS&cvid=a693c86f393f4e7e8cd3074ff9028394&ei=11

                      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.

                      "The intelligent man who is proud of his intelligence is like the condemned man who is proud of his large cell." Simone Weil

                      George KG 1 Reply Last reply
                      • MikM Mik

                        @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.
                        Capture.JPG

                        https://www.msn.com/en-us/money/personalfinance/the-average-401-k-balance-by-age/ar-AALbMLq?ocid=msedgntp&pc=LCTS&cvid=a693c86f393f4e7e8cd3074ff9028394&ei=11

                        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.

                        George KG Offline
                        George KG Offline
                        George K
                        wrote on last edited by
                        #14

                        @Mik said in Average and median net worth of Americans by age:

                        If it’s over I think $150k or so you’ll pay a lot more fore Medicare.

                        !Screenshot 2024-03-05 at 6.44.07 PM.png

                        "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.

                        1 Reply Last reply
                        Reply
                        • Reply as topic
                        Log in to reply
                        • Oldest to Newest
                        • Newest to Oldest
                        • Most Votes


                        • Login

                        • Don't have an account? Register

                        • Login or register to search.
                        • First post
                          Last post
                        0
                        • Categories
                        • Recent
                        • Tags
                        • Popular
                        • Users
                        • Groups