Excluding Real Estate, What Are the Average Financial Assets by Household in the USA by Age?

Excluding Real Estate, What Are the Average Financial Assets by Household in the USA by Age? Knowing where you stand is sometimes a wake-up call. Talking about what you have has always been a taboo subject. Knowing how much the average family has helps you compare your situation — and might even help you focus your efforts in the right direction.

This is part of a series of videos that Troy Sharpe, CFP®, is putting together with his team. They're taking information from the Federal Reserve website from several different financial categories and putting them together in a simple format so that you can see where you stack up.

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When we combine your vision with the experience and skillsets of the people at Oak Harvest, guided by our values and principles, inside a structured process that includes the Oak Harvest Path, our Planning Approach, a Customized Retirement Plan, the Core4 and Second Mile Service we believe the results are a superior client experience and a better retirement for you.

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[manalopalongo]

I'm 43 and have about $760k between my accounts and investments. I plan on working an additional 12 years. I also have a pension. I know few people invest substantially, but I'm always surprised at how little is saved by the average person.

[BrianPBlack]

Hi Troy. I really appreciate your videos and learning a lot from you. Thanks! I do have a question: How does a Roth differ from a NQ? My understanding is that both are funded with after tax dollars so wouldn’t the distributions for both be tax free with exception of capital gains tax?

[tshandy]

My guess is most people watching this video and commenting here are skewed toward being comfortable in "average" territory, and are well above the median/middle-point territory. The people who don't watch such videos don't consider such topics, which is part of their problem.

[chessdad]

I saw an interesting figure in Kiplinger's Personal Finance on the value of reader's retirement assets. The interesting thing is how much higher the number was than for the overall population. Shows that those who read the magazine are more focused on retirement finances.

[Summerdee]

Contributions and earnings in a Roth 401(k) can be withdrawn without paying taxes and penalties if the account owner is at least 59½ and has held their Roth 401(k) account for at least five years.

[vinceacosta]

Great information! I really enjoy videos like this!

[Redneck_Ed]

This video answered the question I commented on from your last video. Thank you!

[boyramli]

Very useful, video ! Can you let me know how much would be the average or Median for the Top 10% ? As that is my target. Thanks !!

[aknorth]

This makes me feel much better I was feeling way behind and late to the game at age 36 but I am at the median for my age group. Obviously want to do way way better but good to know.

[jkopvo]

With the implementation of ARPA (American Rescue Plan Act), my understanding is that folks with income over 400% of poverty level are now generally eligible for a health care subsidy for at least 2021 and 2022. So even if qualified (IRA or 401K) funds are withdrawn as living expenses, the 400% income cliff that used to exist (where you would lose your health care subsidy) does not currently exist.

[benjamindover]

Fascinating, if somewhat depressing, information. It is helpful to compare with our own experience, though. Thank you for preparing this.

[sjchac]

Do we include equity in rental properties here?

[Retired-jrqs]

I love your videos. It's helps me make better financial decisions.

[midlife_minimalist]

I guess I’m greatly skewing that 45-54 average in a good way. I may not have anyone to do anything with when I retire at 55. Those medians are shocking.

[manalopalongo]

I work for the government and plan on taking my healthcare in to early retirement (major reason why I don't leave for private sector) but I also have an HSA to help me cover my health insurance and eventual medicare premiums.

[winduncan]

GREAT VIDEO, I'm putting 18k into my 403b and don't have an IRA and plan to retire at 60. I'm guna have to make some changes. THANKS

[sandrineb]

We're 2-3 years away from retirement, planning to retire at 62-63 for hubby and I'll be 54-55We're still saving 15% on our 401K and have about 1 year's worth living expenses in regular savings. Should we just stop putting the 15% on the 401K and just save it in a regular savings account (meaning we'll have less tax deductions in the next 2 years) so we can use it for financing part of our revenue in two years (and thus get subsidizing on Obama care)? Not sure which is the best strategy since we only have 2-3 years left. We have no mortgage and already a good 401K amount. No roth.

[rickchandler]

Medical expenses is why I'm leaving the US when I retire in the next couple years. With no debt, I'm hoping that I can live off not a lot of money although I've got several million in my portfolio. Hoping to give a lot of that away if I don't need it.

[tomasr.]

Question. My understanding is the 401k account can be rolled out directly to an IRA account or likely two or three accounts, standard Pre-Tax IRA, ROTH IRA, and post tax, standard Investment account depending on the pre-retirement account accrual method. Is this not correct? Thank you for your information.

[tmiller]

I summarized the average and median data for the three videos you put together. It was interesting that for all age groups, the average in assets was greater than the balance of retirement accounts. Kind of makes sense. However, in the case of median data the assets were significantly less than retirement accounts. I wonder how that could be? Maybe debt?