Average Net Worth by Age 62

This video discloses the average net worth by age 62 for an American two different ways. We're all consumed by averages and benchmarks. They help us make sense of the world around us and are sometimes just good fun. In this video, I discuss the average net worth of a 62 year old by both mean and median. At the end I also show you what the top 1% has as their net worth and how most of them got there - you can't invest your way to that number!

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Federal Reserve Board Survey of Consumer Finances:

Social Security Administration Application for Benefits

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[M-hcxm]

My dad for years said, it doesn't matter how much comes in, it's how much that goes out that matters. My parents never made much but they saved and spent wisely. Had a great retirement, both passed at 90. He was right! Skip the silly spending and it can be done.

[thomasaccuntius]

I'm 66 and retired, and above the median. I have my 401k and a Roth IRA and investments and can live on my SS benefits. My cars are 11 and 23 years old, both reliable. I should have started earlier, but my ex was terrible with money and then the divorce. But I am happy and I go often on 2-3 day trips, my cancer is gone, my new knee is doing good, so I am going to enjoy my time left.

[bmepdoc]

Am 62 and vividly recall my 99 year old Grandpa telling me "If you can't buy it with cash you can't afford it. Look after the pennies and the Dollars will take care of themselves". You were oh-so-right Gramps...

[ctofan]

The Bob Ross of finance..love this guy. I’m waiting to hear ‘and over here we have a happy little portfolio’

[MikeM]

Not a manager but make a good living in IT. Nice but not fancy vacations. Wife was stay at home 28yrs. Avoided debt ex: car payments when young. Paid cash for two kids bachelors. 401k at 23, my own mutuals at 26. Only debt is $130k on $500k house. I’m 56 and a NW of $1.9M. Invest as early as you can and AVOID DEBT.

[thelakeman]

One thing that surprised me when I retired was that I didn't need as much money as I thought! If you want to travel and do a jet setting lifestyle, that's different. You'll need a lot of money. But living modestly, you don't spend a lot.

[pnkbiankii]

If you define your worth by how little you need, rather than by how much you own, I predict you will be so much happier.

[TheThinkersBible]

Useful data points. That top 1% figure is an eye-opener for sure.

[calvinross]

I liked the video, I think we all must start saving for our future. As a public school educator in my mid 50’s I think you can have a great net worth if you live within your means. Stop trying to keep up with broke family and friends ( people whom don’t save or spend money just for the sake of doing it) what ever you have now if not retired start Saving!!

[theoamend]

Thank you so much for your informative and 'real' retirement info. You have relaxed us as we are about to retire without 'millions' but trying to be thankful for what have and remembering how happy and content each of our parents were in retirement, with a lot less than we have. You are a blessing!

[billyrock]

I drink water daily, zero stress, BMI 22.3 and have a pepperoni pizza once a month. I’m Rich 🤑.

[idw]

i'm 62 and worth around the mean value; for those depressed by being below the mean, median or with negative net worth, just reflect he's not including the 15% of people who were born 62 years ago and are now dead...stay safe everyone

[The_Good_Life_starts_today]

I started from scratch in 2001 after my divorce. 21 years later I'm debt free, own a house on a lake outright with $1 million in 401k/IRA/cash. My retirement at 62 officially begins next week. My advice? Work hard, live within your means, invest wisely and save until it hurts.

[harleypiper]

I'm 61 and 62 come next August. I'm retiring. My home is paid off which is in WV. My wife and I need to calculate our sources of income. and will be homesteaders, more less.
I'm very confident in our retirement years. The reasons for 62 is my hearing and neuropathy on my left side. I can't wait for Sept 10th, 2023.

[billygnosis]

Thank you discussing the difference between average and median. Too many sites use irrelevant numbers, average wealth, in discussing what wealth amounts one should compare yourself to.

[charleswaters]

Good grief. Comforting, worrying, humbling, frustrating - all in one video. Thank you for sharing tough.

[a-kazebo-z]

As an never compare yourself to nobody, ,,you will always find people richer and less fortunate than you… take a risk, work, enjoy your life, family in a nice peaceful environment with everyone you meet…..

[bones]

wow feeling better now. I got a late start, but i'm 59 and i'm at 1.3mm so feeling good. Thanks.

[glencmac]

The mean is only greater than the median if the curve is skewed to the right. Usually in statistics if the curve is skewed the median is used as the reported characteristic. It says the most about the curve. The median is almost never reported unless the curve is symmetric and the mode is used in reporting grouped numbers such as gender.

[slickwilly]

I'm surprised he didn't suggest another variable and that is geography. Someone worth $1M in say, KY is going to live on that $1M for the rest of their lives whereas $1M in NY or CA won’t last till next Tuesday.