What is the Average and Median Net Worth for Those 65–74 and 75+ Years Old —and How do You Stack Up?

We all want to know how we compare to others when it comes to our net worth. So, in this video, I’m going to talk to you about the average and the median net worth for those aged 65 to 74, and 75 and up.

Hi, I’m Troy Sharpe, CEO of Oak Harvest Financial Group, CERTIFIED FINANCIAL PLANNER™ Professional (CFP®) and host of the Retirement Income Show.
Hey, if you could take one second to hit that thumbs up button, what that does is that tells YouTube that this is good content. And then YouTube will share this video with more people so they understand where they stack up when it comes to net worth.
First, we need to understand average and median. So, I want to go through this real quick. So, the average is the sum of a series of data points added up and then divided by the number of data points. So, if you take a million plus a bunch of zeros, you get a million. There’s 10 data points, you divide by 10, [and] the average is 100,000.

Now, obviously, the average is skewed by this big outlier right here, it doesn’t quite tell the whole story. So, it’s important to understand the difference between average and median.
The median is simply the middle, right here in the middle. So, if we had a million people on this side, and a million people on this side, [then] the middle is the median, and that is zero. The median, this is a more accurate representation of what you should be looking at when you’re comparing yourself to others.

So, for ages 65 to 74, the average net worth in this country [is] $1,215,920, and the median is $266,070. Now this video is part of a series of videos that our team is going to publish. We’re going to go into the Federal Reserve website. We’re going to do all the analysis, [and] we’re going to pull this information out. It’s not easy to come by. And we’re going to give it to you. We’re going to publish it right here on the YouTube channel.

And if you’d like to receive that information — it’s going to talk about average income for people your age, it’s going to look at what percentage of this overall money is inside of a retirement account, what percentage is outside of a retirement account; and what this is going to do is help you compare where you stand compared to others in various financial categories. — so, to get that information, all you have to do is hit that little subscribe button and that bell icon, and you’ll be notified when our team publishes that data. So, you’ll be connected to your money and know where you are.
Now for age 75. I wanted to include this demographic in this video as well because we’ll see the average has dipped down to $958,450, and the median is at $254,900. So, if we just do the split screen here: so, the average really has come down here, [and] the median not so much.
Now, why I wanted to show this to you is because people [who are] 75 [] are in the distribution phase of retirement. You should anticipate your assets going down over time, especially if you don’t have a specific income plan and tax plan to deal with the complexities that retirement is. But I just wanted to show you this because when we’re looking at everyone, this is what happens on average to people in the country.

So, the goal is in retirement to live off our interest, to not touch our principal, to pay less tax, to make sure that if something happens to us [then] our family will be okay. We need to plan for those types of things. But these are the numbers as far as what happens in the country. From [age] 65 to 74, this is the average net worth that comes down, [at] 75-plus, to $958,000. And the median, I thought this was an interesting number here, doesn’t go down too much.

So. the data is interesting. It does tell us a story. But what we need to be doing, of course, is investing. We need to be managing risk, we need to have an income plan [and] a tax plan at this stage. The decisions you make in between the ages of 55 to 64 will determine how long your money lasts and — more importantly — they will determine how secure your family will be if something happens to you.

So, if you want to talk to one of us about this, if you don’t have an advisor, if you’ve never spoken to advisor, we’re gonna put a link in the description that you can click on. And if you want to have a conversation about your situation and retirement, this is what we do, we’re retirement specialists.
I hope you enjoyed the information. Share this video with a friend or family member so they understand where they are. And, again, if you hit that thumbs up button, [then] other people will see this video. And if you want to be part of this ongoing series and receive the data as our team finalizes it and gets it out to you, hit that subscribe button and hit that little bell icon and that’s exactly what will happen.