Jul 10, 2026
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Baby Boomers are the wealthiest generation in American history. Thanks to a unique set of economic circumstances, these seniors have accumulated $85 trillion to $93 trillion in cumulative assets, more than any other generation, according to the Washington Post.
If you’re a retiree, there’s a good chance some of your peers are significantly wealthier than you. But what if you’re part of that elite club as well?
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Here’s how you can tell if your net worth is enough to qualify for the big leagues.
The wealth threshold
The downside of being part of the wealthiest generation in history is that traditional markers of success are inadequate.
For instance, the average net worth of households led by someone aged 65 to 74 is $1.79 million, according to Fidelity. That means you could be a literal millionaire and still be considered just average.
To be considered “wealthy,” you need to be in the top tier.
And since there’s no standard definition, here are the thresholds for the top 10%, 5% and 1% of households between the ages of 65 and 69, based on analysis of the Federal Reserve 2022 Survey of Consumer Finances (SCF) by DQYDJ.
Household Percentile and net worth of individuals aged 65-69:
- Top 10% - $3,000,000 net worth
- Top 5% - $6,800,000 net worth
- Top 1% - $22,000,000 net worth
Simply put, you’ll need anywhere from $3 million to $22 million to be considered wealthy amongst American seniors, depending on your personal definition.
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That is an astonishing level of prosperity and the good news is that if you’re still several years away from retirement, you have a shot at entering this club with a few savvy money moves.
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How to get wealthy
If you haven’t cracked the top tier yet, replicating the financial moves of America’s wealthiest boomers could help boost your progress.
For instance, wealthy Americans are much more likely to have professional financial advisors assisting them.
Nearly 74% of high-net-worth individuals surveyed by Northwestern Mutual reported using a financial advisor, compared with just 34% of the general population.
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With that in mind, hiring an expert to help you plan and manage money could be a smart move. Advisor.com makes it easy by using an automated matching tool to connect you with a qualified expert best suited for your needs based on your unique financial goals and preferences. Their network includes fiduciaries, who are legally required to act in your best interests and you can set up a free initial consultation, with no obligation to hire, to see if they’re the right fit for you.
Wealthier Americans also tend to have more robust insurance policies, according to a study by the National Bureau of Economic Research. The peace of mind and financial security that comes with a reliable insurance policy could be essential in your financial well-being and progress.
Platforms like Insurify can help you compare quotes and find the best car or home insurance policies in minutes.
Finally, wealthy investors and retirees understand the value of diversification. A portfolio that includes gold, stocks, bonds, private equity, and real estate is potentially more robust across different economic cycles.
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If you’re looking to get exposure to real estate without the high upfront investment, platforms like Arrived can help you buy fractional shares of vacation homes or rental properties.
Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord.
To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100.
Even if these moves don’t get you into the top 10% or 5% of American seniors, a well-diversified portfolio and some professional assistance can put you on a better track to genuine wealth in retirement.
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Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
