Net Worth for Baby Boomers: How Do You Stack Up vs. Your Generation?

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Net worth is one way to gauge financial health, and comparing yours to others in your age group can be helpful. For baby boomers — those born between 1946 and 1964 — understanding how you stack up financially is especially important as you are likely nearing or already in retirement.

Here’s how boomers compare to their peers when it comes to net worth. 

Net Worth by Age Group

Net worth typically increases with age before it tapers off in later years. Here’s how average and median net worths compare by age decades, including those of boomers who are in their 60s and 70s, according to Kiplinger.

• 20s: Average $110,241; Median $7,522  
• 30s: Average $309,736; Median $35,309  
• 40s: Average $776,880; Median $124,509 
• 50s: Average $1,389,297; Median $287,482  
• 60s: Average $1,689,144; Median $439,050 
• 70s: Average $1,617,721; Median $367,231  
• 80s: Average $1,514,349; Median $343,661  
• 90s: Average $1,289,391; Median $293,432  

As you can see, boomers tend to reach their peak net worth during their 60s and 70s, with the largest average and median net worths occurring during their 60s.  (Note that the median figure is more realistic for most households compared to the average one, which can be skewed by those with extremely high net worths.)

What Makes Up Net Worth?

Net worth is comprised of many things. Homeownership can be a main source because real estate values often appreciate over time, which can increase your overall wealth. Retirement savings, such as 401(k)s and IRAs, also play a starring role, as long as you’ve consistently contributed. Additionally, your education and career choices can impact your earning potential, which affects your lifetime wealth accumulation.

However, what you owe also plays a role in your net worth. To calculate your net worth, subtract your total liabilities from the total value of your assets.

Actions To Take Now and in the Future

If your net worth is above the median, focus on managing and preserving your wealth. If it’s below the median, reassess your savings plan and consider ways to grow your assets over time.

Additionally, review your net worth at regular intervals so you can track your progress and adjust your plans accordingly. These are tasks that a trusted financial advisor can assist you with. 

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