Net Worth: How do you stack up?

**Broken Arrow** · 05-28-2008, 03:30 AM

Glad you added the caveat.

The median for my age group is ridiculously low. How anybody gets by with only that amount is beyond me. So, I decided to check on the next age group, which is much more reasonable. The good thing is, I should be able to meet it by the time I hit that age group....

I'm also above the median on my income group. It's sad that it's so low, because people who don't make as much need to worry more about what happens to their money.

So, I've decided to check the next income group, and it looks much better... but it's still sad considering that the net worth could be facilitated by simply having a house that's paid down far enough.

But anyway, I'm definitely going after the next age and income group. Thanks for sharing.

**tifnglen** · 05-28-2008, 03:54 AM

For my age net worth is $400 for my income it is $20000. I am above the age but below the income

**sweeps** · 05-28-2008, 04:24 AM

How is that possible? The median net worth for a 25-34 year old is just $2,125? And the median net worth for a 35-44 year old is just $44,875? Wow.

**Ima saver** · 05-28-2008, 04:46 AM

I was shocked too!! How do people ever expect to retire? My net worth is 6 1/2 times the average for my age. ( I used my husband's age and then my age but there was very little difference) The average person my age only has a net worth of $244,000!!

**Merch** · 05-28-2008, 04:51 AM

That net worth site is pretty silly.

Poeple 55+ have a net worth of 200K? Is that right? All of these values seem too low. The only one that I am not over is the people making 150k a year. But I think that is even skewed. Making 150k a year and having over 800k in worth?

Seems like a few million dollar earners might be skewing that.

**FrugalFish** · 05-28-2008, 06:04 AM

Originally posted by Merch View Post

Poeple 55+ have a net worth of 200K? Is that right? All of these values seem too low. .

My mother is good friends with a financial adviser/ investment adviser in a town full of recent and upcoming retirees. She has said on several occasions that you would be shocked how many retirees enter into retirement with somewhere in the neighborhood of only $20K saved. She also says that many have tapped the equity in their houses and ultimately have little value there as well- and a mortgage payment to boot (is there a shaking my head icon?). This shouldn't be a town full of dummies either; these are highly educated people with good paying jobs.

I suppose it's an example of people living in the moment. There's a reason the national savings rate is something like -2%.

We are well above the average net worth for people our age and income, but I feel that what we have is still sadly low. As it's already been pointed out, just because it's higher than average, doesn't mean you're on the right track.

**jeffrey** · 05-28-2008, 06:31 AM

The numbers given are "median" not "average" meaning that have the people have a lower net worth and half have a higher net worth than the number given. This helps keep the numbers from being skewed.

**Broken Arrow** · 05-28-2008, 06:38 AM

I think what's even scarier is the realization that half of the people surveyed is below the reported median.

**disneysteve** · 05-28-2008, 07:35 AM

I've seen this info before and was shocked by the numbers. They are alarmingly low. I just checked again and our net worth for our income is over the median by a 6-figure amount, and that isn't even counting all assets like cars, jewelry, collectibles, etc. I'm only counting financial assets and home equity.

I think we're doing okay but think we could be doing even better. When I see the median, though, I really wonder how any of these people ever hope to retire.

**Joan.of.the.Arch** · 05-28-2008, 07:50 AM

Yes, these kinds of numbers make me throw out a plea to the universe.

"Please, people, please! Please save for your future. I can't afford to support you in the future and I know you are going to come knocking at my door. I just know you are. I'm going to be really pissed if you have granite kitchen counters, double walk-in showers with rain to fog massaging showerhead and heated carrerra bath floors, whole house built in vacuum, walls repainted every three years, a cabinet full of both costume and real jewelry, all kinds of sports equipment that you've used six times in six years, a four car garage too stuffed with junk to fit your four cars into it....and then you cannot pay for heat, water, food, medical care in your early 70's."

**Ima saver** · 05-28-2008, 08:10 AM

We were shocked to build houses for people that were retired but had to go to the bank to get a mortgage in order to build. Who wants to be paying a mortgage when you are 70, for the next 30 years!!

Don't worry, Joan, you won't have to support me!!

**stressedmama** · 05-28-2008, 08:41 AM

Thank you Joan for your comment. My thoughts exactly!!!

**Reldon** · 05-28-2008, 08:59 AM

I believe you have to look at those figures just for reference. Too many people are in debt and that is the reason the savings in US is in the negatives.

**disneysteve** · 05-28-2008, 08:59 AM

Originally posted by Ima saver View Post

We were shocked to build houses for people that were retired but had to go to the bank to get a mortgage in order to build.

It is possible that they were borrowing for good financial reasons. We've discussed before that quite a few of us around here have enough in savings to pay off our mortgages at any time but choose to keep the money invested where it earns a better return. It could also be a cash-flow issue. Their money could be tied up in annuities or they could have a cushy pension where they get a comfortable monthly income but can't access a large chunk of money all at once.

Or they could just be spending out the wazoo and living way beyond their means.

Net Worth: How do you stack up?