Managing Money
6 levels of wealth for retirement-age Americans
If you’re planning your own retirement, you probably have a retirement savings goal in mind. Americans believe the “magic number” they need to retire comfortably is $1.26 million, according to a survey by Northwestern Mutual.
Comparing your number with the actual net worth of retirement-age seniors should give you an idea of how realistic your long-term financial plan is and what kind of lifestyle you can expect in your golden years.
Since the average age Americans expect to retire is 66 and medicare is available to those 65 and older, we looked at the net worth of households led by seniors of ages 65 to 69. Net worth is the total value of everything owned minus what is owed (liabilities).
Here are the six levels of wealth for these senior-led households, based on the Federal Reserve’s Survey of Consumer Finances from 2022.
