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The net worth to retire at 65 indicates if an individual is considered poor, middle-class, or wealthy in the U.S. In this article, read and find out how much net worth is needed to secure retirement savings and finances!
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Needed Net Worth to Retire [Photo: Boomer & Echo]
High Net Worth To Retire At 65
An article in Yahoo Finance states that finance author Geoff Schmidt ranked the net worth to retire based on the data collected from the most recent Survey of Consumer Finances of the Federal Reserve Board. Individuals in the 90th percentile have a household net worth of $1.9 million and are considered to have a high net worth to retire at the age of 65. These groups of people can send their children to college, go on trips, and think about donating to charities.
On the other hand, individuals in the 95th percentile have a household net worth of $3.2 million and are considered to have more spending power. These groups of people have estate planning and could possibly own more than one home. Lastly, individuals in the 99th percentile have a household net worth of $16.7 million and could possibly own a winery or ranch.
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Average Net Worth To Retire At 65
According to an article in Moneywise, individuals in the 50th percentile have a household net worth of $281,000 and are considered to have an average net worth to retire at the age of 65. A retiree’s average net worth is generally the equity of their home, their 401(k) account, and some savings. The average net worth suggests that half of the U.S. households have a lower net worth than the average, while the other half have a higher net worth.
Low Net Worth To Retire At 65
Individuals in the 20th percentile have a household net worth of $10,000 and are considered to have a low net worth to retire at the age of 65. These groups of people likely do not own their homes and are focused on spending the money they have on basic necessities. Unfortunately, any individual below the 20th percentile is considered to be bankrupt or insolvent.
READ ALSO: Increase In Social Security Retirement Age Proposal Introduced By Republicans
