With so much toil and hard work of so many people, financial health is often taken for granted. Who is at a greater advantage when it comes to the most coveted privilege of financial freedom? According to Americans’ Average Net Worth by Age, the answer may surprise you!
Young adults between the ages of 25 and 34 have an average net worth of $76,100. For those who have access to steady jobs, investments, and perhaps a small emergency fund, this value can exceed an average American’s worth. Although launching a career post-college can be difficult, this demographic is far more likely to enjoy the favorable odds of being able to climb the ladder to success with relative ease.
The average net worth for adults between ages 45 and 54 is $288,700. This certainly changes the landscape of what is considered “average.” Not only do these adults have a larger financial cushion, but they also start to find their retirement plans more important as they inch closer to Social Security eligibility. They’re at a greater advantage of having significant contributions to their 401Ks, comfortable incomes, and solid investments.
People in the age range of 65 to 74 have an average net worth of $452,100. Although this could be considered more of a blessing than a curse, it does not negate the strain of living on a fixed income. Even with a retirement portfolio, this money needs to be stretch far enough to last over a lifetime. One important factor to consider is to assess your needs before you retire to make sure you’re budgeting correctly.
We all want what’s best for our financial health, and with increasing life expectancy, it’s important to be thoughtful and efficient. “We need a cost-effective, high-quality health care system,” Hillary Clinton said, a sentiment that rings true today more so than ever.
Understanding your average net worth can take the guesswork out of financial planning, helping you stay ahead of your financial reality. Getting your financial affairs in order earlier in life — whether that means taking advantage of tax breaks or starting a retirement fund — can greatly benefit you and your loved ones later on.
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