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What is a good net worth at 65?

Household net worth by age Age of head of family Median net worth Average net worth 35-44 $91,300 $436,200 45-54 $168,600 $833,200 55-64 $212,500 $1,175,900 65-74 $266,400 $1,217,700 2 more rows

cnbc.com - Here's the Average Net Worth of Americans Ages 65 to 74 - CNBC

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Every three years, the Federal Reserve Board issues the Survey of Consumer Finances to share information about family net worth and income in the U.S. The most recent report released in September 2020 (using data collected in 2019) shows the median U.S. household net worth is $121,700 — but it's more than double that for people ages 65 to 74. According to the Fed data, the median net worth for Americans in their late 60s and early 70s is $266,400. The average (or mean) net worth for this age bracket is $1,217,700, but since averages tend to skew higher due to high net-worth households, the median is a much more representational amount. While $266,400 may seem like a lot of money at first, people in their 60s usually start tapping into their net worth to cover living expenses in retirement. When planning for your non-working years, it's important to understand how net worth works and how it relates to living on a fixed income. Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.

Average and median net worth by age

Here's a look at the average and median net worth by age in the U.S., according to the Fed. As you can see, net worth tends to peak for most American during the decade after age 65. Household net worth by age Age of head of family Median net worth Average net worth Less than 35 $13,900 $76,300 35-44 $91,300 $436,200 45-54 $168,600 $833,200 55-64 $212,500 $1,175,900 65-74 $266,400 $1,217,700 75+ $254,800 $977,600

Net worth considerations for retirement-aged people

When you're still working, it's normal to put your net worth out of your mind, at least long enough to take care of more pressing household duties like paying the bills, saving up for future expenses like a house or college education and keeping up with home and car repairs. It may seem like another paycheck is always just around the corner, or that you could pick up a side gig if cash flow is tight. Unfortunately, many Americans fall behind on their retirement savings as they struggle to keep up with all the various everyday expenses required to make ends meet. According to retirement-plan provider Fidelity Investments, people should have the equivalent of 10 times their income put aside by age 67 to have a comfortable retirement. This means most people should build up a net worth of about $514,280 based on the U.S. Bureau of Labor Statistics' median American earnings data, though some experts suggest you actually need $1 million or more to retire comfortably. Ahead, we look at exactly what makes up a person's net worth, so you can make sure you're covered in retirement.

What makes up net worth?

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How to calculate net worth Net worth = assets - liabilities

Tips for navigating debt in retirement

While many financial experts recommend saving at least 10 to 20% of your income throughout your working years, the reality is most people have trouble saving up enough for retirement. On top of the struggle to save, a surprising number of Americans are still carrying some form of debt even after they retire, which could be cutting into their net worth despite a lifetime of putting money away. A survey by the Transamerica Center for Retirement Studies found that up 46% of retirees had consumer debt not related to a mortgage, including 14% of respondents who had $10,000 or more. If quickly paying off debt is impossible with a fixed retirement income, consider how to manage it comfortably. Some retirees may want to downsize or refinance their mortgage, which can free up money for everyday living expenses and allow them to pay off more high-interest debt. Make sure to do your research and even consider speaking to a financial advisor before you do. Meanwhile, if you're overwhelmed trying to pay off high-interest debt that seems to grow daily, consider the popular avalanche method to knock out the balances with the highest interest rates first. With a limited-time promotional 0% APR, a balance transfer card may allow you to pay no interest on existing debt for up to 21 months. Some of the best balance transfer cards include the Wells Fargo Reflect® Card, the Citi Simplicity® Card and the U.S. Bank Visa® Platinum Card. Wells Fargo Reflect® Card Learn More On Wells Fargo's secure site Rewards None

Welcome bonus None

Annual fee $0

Intro APR 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 17.24% to 29.24% variable APR thereafter

Regular APR 17.24% - 29.24% variable APR on purchases and balance transfers

Balance transfer fee Introductory fee of 3% for 120 days from account opening, then up to 5% ($5 minimum)

Foreign transaction fee 3%

Credit needed Excellent/Good See rates and fees. Terms apply.

Citi Simplicity® Card Learn More On Citi's secure site Rewards None

Welcome bonus None

Annual fee $0

Intro APR 0% for 21 months on balance transfers; 0% for 12 months on purchases

Regular APR 17.74% - 28.49% variable

Balance transfer fee Introductory fee of 3% ($5 minimum) for transfers completed within the first 4 months of account opening, then up to 5% ($5 minimum).

Foreign transaction fee 3%

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Credit needed Excellent/Good Terms apply.

U.S. Bank Visa® Platinum Card Learn More On U.S. Bank's secure site Rewards None

Welcome bonus None

Annual fee $0

Intro APR 0% for the first 18 billing cycles on balance transfers and purchases

Regular APR 18.74% - 28.74% (Variable)

Balance transfer fee Either 3% of the amount of each transfer or $5 minimum, whichever is greater

Foreign transaction fee 2% to 3%

Credit needed Excellent/Good See rates and fees. Terms apply.

Alternatively, if you have a big balance and need more time to pay it off, it could be worth considering a personal loan to refinance your credit card debt. Some of Select's top picks for refinancing debt include SoFi Personal Loans because of its lack of fees and low interest rates and Marcus by Goldman Sachs Personal Loans for its ability to pay creditors directly. SoFi Personal Loans Learn More Annual Percentage Rate (APR) 7.99% to 23.43% when you sign up for autopay

Loan purpose Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses

Loan amounts $5,000 to $100,000

Terms 24 to 84 months

Credit needed Good to excellent

Origination fee None

Early payoff penalty None

Late fee None Terms apply.

Marcus by Goldman Sachs Personal Loans Learn More Annual Percentage Rate (APR) 6.99% to 24.99% APR when you sign up for autopay

Loan purpose Debt consolidation, home improvement, wedding, moving and relocation or vacation

Loan amounts $3,500 to $40,000

Terms 36 to 72 months

Credit needed Good

Origination fee None

Early payoff penalty None

Late fee None Terms apply.

Need to get your retirement back on track? Whether you're plagued with chronic overspending or just unsure of exactly how much you'll need to retire, using a budgeting app to set (and keep) clear goals can help you plan ahead for retirement. Here are Select's favorite picks: Best overall free app: Mint

Mint Best app for serious budgeters: You Need a Budget (YNAB)

You Need a Budget (YNAB) Best app for over-spenders: PocketGuard

PocketGuard Best app for investors: Personal Capital

Personal Capital Best app for couples: Honeydue

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

cnbc.com - Here's the Average Net Worth of Americans Ages 65 to 74 - CNBC

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