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Hard to find solid numbers. Here is a quote from a 2012 article...
'Married couples age 65 or older had a net worth of more than twice that of single seniors. "You have more people in a household and therefore you are going to have a higher net worth," says Gottschalck. Retired couples were worth a median of $307,728 in 2010, compared to a net worth of $112,765 for single women and $142,060 for unmarried older men.'
A 2013 congressional study shows a median household NW for age 65-74 at $339,300.
it depends who is surveyed . we have those classic media ones folks here post all the time where seniors can't rub 2 nickles together they are so broke according to these articles.
If we approach it in a straightforward way it's pretty simple: Assets minus debt equals net worth.
Of course we can quibble about how to calculate assets. Real estate values are always changing in many locations but are somewhat stable in other locations. So the value of that paid-off house will probably not be the same two years from now as it is today; could be more, could be less. If we buy a new car for $20,000 and drive it out of the dealership, it loses some of its value just by virtue of becoming a used car. It will continue to lose value for a number of years until the value stabilizes at a minimum value which is very low (at a point beyond which most people keep their cars). Likewise the value of mutual funds and equities is always changing over time. So the only thing that makes sense is to take the present value with the realization that six months from now that figure could be a fair amount higher or lower.
Even knowing net worth is meaningless. A retiree who has a great pension plan and lifetime medical benefits is possibly better off than someone who has 1/2 a million in savings, but little or no pension and only Medicare.
Even knowing net worth is meaningless. A retiree who has a great pension plan and lifetime medical benefits is possibly better off than someone who has 1/2 a million in savings, but little or no pension and only Medicare.
You hit the nail on the head. My dad is in that boat, no pension plan but has money,
because of today's rock bottom interest rates he wishes he had a nice pension instead.
It's hard to generate decent income in today's ultra low interest rate world, hurts a lot of
seniors I bet.
Even knowing net worth is meaningless. A retiree who has a great pension plan and lifetime medical benefits is possibly better off than someone who has 1/2 a million in savings, but little or no pension and only Medicare.
Bada Bing! We have both and the pension enables us to sleep the best. After spending time in retirement and financial forums I have seen posters go from accumulating considerable wealth and then translating that into income as they approach and enter retirement. It often sounds better as net assets than it does as income.
There is no doubt some have pensions etc. But the vast majority do not. The figures posted just confirmed my contention all along that the investment firms ( and most posters on these boards) who scream that if you do not have over a million dollars you are screwed are spewihg nonsense. Obviously there are a whole lot of people who don't have close to that figure, or a pension, retiring every day. Just as I suspected
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