This Is The Average Net Worth Of People Your Age, According To The Latest Data
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Society should embrace keeping up with the Joneses, but from a net worth standpoint instead of just trying to own a meaningless material possessions. After all, that new set of golf clubs or that new $2,000 purse, while nice, isn’t going to get most people any closer to retirement. Unless, of course, you’re buying them to flip as a side hustle!
What needs to be taken into consideration with the Average Net Worth By Age data below is that all of these averages factor in individuals with the highest net worths. Using that net worth data skews the Average Net Worth numbers for each age range. In fact, when you add the highest net worth individuals into the average net worth for all American households, you get an average household net worth of over $600,000. We all know that is not true.
Even with the wealthiest people in America skewing the data slightly higher, these numbers are still great to look at and not completely untouchable if you are earning a decent salary and you have your expenses under control.
This Is The Average Net Worth Of People Your Age
- Median net worth: $13,900
- Average net worth: $76,300
- Median net worth: $91,300
- Average net worth: $436,200
- Median net worth: $168,600
- Average net worth: $833,200
- Median net worth: $212,500
- Average net worth: $1,175,900
- Median net worth: $266,400
- Average net worth: $1,217,700
- Median net worth: $254,800
- Average net worth: $977,600
So how do these numbers stack up with where your net worth or retirement savings should be by age?
Well, that exact number is tough to pin down because everyone’s income and expenses are different. But as you can see on this chart from Merrill Lynch, your minimum net worth at every age should be based on your annual salary. So if you make $200,000 per year at age 40, you should aim to have no less than $400,000 in net worth.
Remember, progress is progress. While we all aspire to be in the top 1% and retire early, if you keep saving and investing consistently, you should be exactly where you want to be by the time you’re ready to retire.