Here's the Average Net Worth for Baby Boomers. Where Do You Stand?
Key Points
Most people currently in their 60s and 70s have done especially well for themselves, making the most of a period of strong domestic economic growth.
The bulk of their net worth, however, is tied up in nonliquid assets like real estate rather than in liquid assets like cash, stocks, or bonds.
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What are baby boomers worth right now, on average? The exact number depends on who you ask and what you mean by "average net worth."
Baby boomers' age range is between 62 and 80. If you're using the frequently cited numbers from the Federal Reserve's most recent Survey of Consumer Finances, the average net worth for people between the ages of 65 and 74 is $1.78 million. The 75-and-up crowd's net worth, as well as the 55-to-64 cohort's, wasn't too far behind that figure.
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It sounds like a lot, but you'll want to take that $1.78 million figure with a grain of salt.
While that's a respectable average, it's skewed higher by a small number of ultra-wealthy people. The more meaningful median -- or midpoint -- figure for 65-to-74-year-olds is a much lower $410,000 (and again, the people immediately above and below this age range are worth slightly less).
Image source: Getty Images.
You should also know that this data was gathered in 2022 (the last time the Federal Reserve conducted this survey), when the COVID-19 pandemic was still undermining incomes and economic activity. Much has changed for the better since then, most likely including these figures.
That being said, bear in mind that total net worth includes assets like real estate, vehicles, and investments minus any debt. It's different from liquid net worth, which is just assets that can readily be converted into cash.
In this vein, the average amount of money that these baby boomers have tucked away in retirement accounts is $609,000, while the median -- or midpoint -- retirement savings is a measurably lower $200,000. Investors who are immediately older or younger than this group also once again have slightly less saved in retirement accounts.
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