This Is How Much Money People Your Age Have on Average, Data Shows
A new survey reveals the average net worth by age group in the U.S.
Whether you are only a few years into your career or nearing retirement, it's not unusual to do the occasional assessment of where you and your family stand in terms of your financial security. You may even find yourself asking whether or not you are in a similar situation to other people in your age demographic. If that's the case, you've come to the right place, because a recent consumer and family finance survey conducted by the Federal Reserve compiled both the median net worth* and average net worth** based on how old you are. So, whether you're 35 or 75, read on to discover Americans' average net worth by age and find out if you're on the right financial track. And for insight into how far your dollar goes across the U.S., This Is the Most Expensive State in America.
Editor's note: Net worth is defined as the value of assets you have in the bank and any properties you own minus outstanding debt (otherwise known as liabilities).
* The median household net worth in the U.S. is $121,700. Median is the middle point where half the households have more and half have less.
** A household in the U.S. has an average net worth of $692,100. Average includes all households, including extremely high net worth individuals, which is why that figure is always going to be high.
Median net worth: $13,900
Average net worth: $76,300
Median net worth: $91,300
Average net worth: $436,200
And if you want to know where people are spending with abandon, This Is the Most Reckless State in America.
Median net worth: $168,600
Average net worth: $833,200
Median net worth: $212,500
Average net worth: $1,175,900
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Median net worth: $266,400
Average net worth: $1,217,700
Median net worth: $254,800
Average net worth: $977,600
And for a timely finance tip you need to know, This Common Mistake Could Delay Your Tax Refund This Year, IRS Says.