Here’s the Minimum Net Worth Considered To Be Upper Class in Your 70s

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Wondering how your finances stack up as you head into retirement? Many people in their 70s start asking themselves whether their nest egg puts them in the “upper class” or just comfortably middle. 

In fact, retirement research from the Alliance for Lifetime Income has shown that many Americans are in fact, afraid to retire. While income matters, wealth at this stage of life is often measured by net worth — the total of what you own minus what you owe. 

“Having a high net worth is great but knowing how to use it wisely is what keeps you comfortably upper class,” said Harold G. Wenger Jr., partner and wealth manager at Kingsview Partners.

Here’s a look at the minimum net worth that’s generally considered upper class in your 70s.

You Need at Least $2.5 million

According to Wenger, a reasonable benchmark to be considered upper class in your 70s is a net worth of at least $2.5 million, although he said this also depends on location, lifestyle and inflation. 

“That figure should ideally include diversified investments, paid off properties and a reliable income stream from retirement accounts or other sources,” said Wenger. “But it’s not just about net worth.”

Jimmy Fuentes, consultant of California Hard Money Lender, similarly agreed, noting that in order to be deemed upper class in your 70s, having a net worth does not give the full picture. 

“Yet somewhere in the range of $2.5 to $3 million would be a minimum ball park,” Fuentes noted.

He explained that usually involves a main place of residence (usually mortgage-free), good retirement savings or investments, cash reserves, and income-producing investments such as real estates or dividend stocks. 

“The most interesting thing is, though, the manner in which this group spends that wealth.”

Most of the People Who Remain in the Upper Class Do a Few Key Things Right

People who are upper class that late in life keep their wealthy status through various ways.

“They plan carefully, invest conservatively and avoid emotional financial decisions,” said Wenger.

He added they also manage their taxes efficiently, keep rebalancing their portfolios according to the market situation and never ignore healthcare costs in their later years. 

Importantly, they also live below their means. 

“Just because you have the ability to spend, does not mean you should spend,” Wenger said.

The Bottom Line

Wenger observed that life expectancies are increasing, which means that if you want to stay in the upper class even after your 70s, you should prepare for another 20 to 25 years of expenses. 

“That takes foresight, discipline and smart advice, not just wealth accumulation,” he concluded.

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