The Average Net Worth by Age in America
Have you ever wondered what your net worth should be at different stages of life? While many people aspire to a high net worth, determining what is typical for your age can be challenging.
Net worth is calculated by subtracting your liabilities (such as mortgage, credit card debt, or loans) from your assets (including cash, investments, home equity, and other personal property). Although net worth is just one aspect of your financial picture, it can offer valuable insights into your financial health.
Understanding your net worth is particularly important if you plan to start a business, apply for a significant loan like a mortgage, or assess your retirement readiness. If you feel you’re falling short of your net worth goals, comparing your assets and liabilities to typical figures for your age can help you chart a course toward achieving your financial objectives.
Average net worth in the U.S. by age
Net worth typically grows over time as your assets—such as your home, retirement accounts, and investments—increase in value and as you reduce your debt.
Personal finance guidelines often suggest saving at least a year’s salary by age 30 and ten times your salary by age 67. However, national median net worth figures reveal that many people fall short of these benchmarks.
According to the Bureau of Labor Statistics (BLS), the U.S. median household income is $74,580, which theoretically means Americans should aim to save $745,800 by retirement. Yet, data from the BLS’ Survey of Consumer Finances shows that retirees aged 65 to 74 had a median net worth of $410,000 in 2022.
Continue reading to understand the typical net worth for your age, whether you’re just starting your career or nearing retirement.
Younger than age 35
| Median net worth | Mean net worth |
|---|---|
| $39,040 | $183,380 |
Before age 35, Americans typically have the lowest net worth of any adult age group. Homeownership is a major factor in building net worth, but as of 2022, only 43% of homeowners were between the ages of 25 and 34, according to the BLS.
As a result, younger Americans often see their net worth primarily from retirement accounts like 401(k)s, IRAs, and high-yield savings accounts. In 2022, those under 35 had a median of $18,880 in retirement savings, according to the BLS.
Despite being the least wealthy age group overall, Americans under 35 experienced the most significant growth in average net worth, which more than doubled from $16,230 in 2019 to $39,040 in 2022, according to the BLS.
Ages 35-44
| Median net worth | Mean net worth |
|---|---|
| $135,300 | $548,070 |
As individuals enter the 35 to 44 age range, often about a decade into their careers, they may feel financially stable enough to consider major life changes, such as starting a family or a business. They might also be in the process of paying off their remaining student loans or credit card debt.
By 2022, nearly two-thirds (62%) of people in this age group owned a home, according to the BLS, which significantly boosts their median net worth to more than three times that of younger adults.
In addition, Americans aged 35 to 44 had a median of $45,000 in retirement accounts as of 2022. While their average net worth has increased since 2019, rising from $105,610 to $135,300, the growth has been modest.
Ages 45-54
| Median net worth | Mean net worth |
|---|---|
| $246,700 | $971,270 |
By their late 40s, many professionals have seen a significant rise in their career earnings and may shift their financial focus to new priorities. Parents with older children might be contributing to college or vocational school expenses, while others may start increasing their spending on healthcare.
Adults aged 45 to 54 often begin diversifying their investments, particularly if they have higher incomes, which contributes to their growing net worth. In 2022, this age group reported a median income of $91,880, the highest among all age brackets, and held a median of $115,000 in retirement accounts.
This demographic experienced a 23 percent increase in net worth from 2019 to 2022, with their median net worth rising from $195,670 to $246,700, according to the BLS.
Ages 55-64
| Median net worth | Mean net worth |
|---|---|
| $364,270 | $1,564,070 |
By age 55, many individuals are approaching the final years of their careers, with retirement often on the horizon at 65. However, some may choose to continue working beyond traditional retirement age. As of 2023, the U.S. Department of Health and Human Services’ Administration for Community Living reported that 11.2 million adults aged 65 and older were either employed or actively seeking work.
Although top salaries may be behind them, people aged 55 to 64 still earn a substantial income, with a median of $82,150 in 2022, according to the BLS. Furthermore, investments from their earlier working years are beginning to show significant returns. For instance, a $100 investment in the S&P 500 in 1990 had grown to approximately $3,220 by 2024, according to the Data Foundation.
Overall, individuals aged 55 to 64 had a median of $185,000 in retirement accounts as of 2022, according to the BLS.
Ages 65-74
| Median net worth | Mean net worth |
|---|---|
| $410,000 | $1,780,720 |
Individuals aged 65 to 74, whether approaching retirement or already retired, typically have the highest net worth among all age groups. This is largely due to long-term asset appreciation and the likelihood that they have paid off their homes. According to the BLS, 77 percent of those aged 65 and older own their homes outright. Additionally, they held a median of $200,000 in retirement accounts as of 2022.
Between 2019 and 2022, the average net worth for this age group rose from $308,430 to $410,000.
Age 75 and older
| Median net worth | Mean net worth |
|---|---|
| $334,700 | $1,620,100 |
Individuals aged 75 and older are typically retired and, as of 2022, have seen their median yearly income decrease to $49,070. As retirees, they often rely on their savings, which can reduce their net worth. In 2022, this age group reported a median of $130,000 in retirement accounts.
Their median net worth increased from $295,480 in 2019 to $334,700 in 2022.
At a glance: Median net worth trends in the U.S.
Overall, the real median net worth of American families rose from $141,140 in 2019 to $192,700 in 2022, reflecting a 37 percent increase, according to the BLS.
While the median net worth fell between 2007 and 2010 due to the Great Recession, it has shown a steady increase since then.
Net worth of U.S. families, 2007-2022
| Year | Median | Mean |
|---|---|---|
| 2007 | $173,150 | $796,780 |
| 2010 | $105,170 | $675,950 |
| 2013 | $103,610 | $672,590 |
| 2016 | $119,990 | $850,420 |
| 2019 | $141,140 | $865,720 |
| 2022 | $192,700 | $1,059,470 |
In Conclusion
If you’re concerned about your net worth, remember it’s just one part of your overall financial picture. The average and median net worth figures provided here aren’t targets you must hit to retire comfortably, and they may not be achievable for everyone, especially with the pressures of inflation. Each retirement plan is unique, and goals can vary significantly from person to person.
To enhance your net worth, focus on paying down high-interest debt and boosting both your general savings and retirement contributions. These steps not only help grow your net worth but also move you closer to financial freedom.
