Average net worth by age: How do you compare?

Have you ever wondered what your net worth should be? Regardless of age, most people likely want to reach a high figure. But it can be difficult to know what a “normal” net worth is for your stage of life.

Your net worth is your assets (what you own, such as money in your bank accounts, investments, home equity and other personal property) minus your liabilities (debt, such as your remaining mortgage, credit card debt or outstanding loans). While net worth is only a piece of your greater financial picture, it can be a useful way to check in on your finances.

Knowing your net worth is especially useful if you want to open a business; take out a very large loan, like a mortgage loan; or see if you’re on track for retirement. If you feel behind on your path to a high net worth, knowing the typical assets and debts for people your age can be a great start. Then, you can use that knowledge to determine your best path to achieving your ideal net worth.

Average net worth in the U.S. by age

Net worth generally increases over time as your assets, such as your home, retirement accounts or other investments, gain more value — and as you pay off debt.

Common personal finance guidelines advise saving at least a year’s income by age 30 and at least ten times your income by age 67. But the national median net worth shows that most people don’t have that much saved.

The U.S. median household income is $74,580, according to the Bureau of Labor Statistics (BLS), so, in theory, Americans should have saved $745,800 by the time they retire. But Americans of retirement age (between the ages of 65 and 74) only had a median net worth of $410,000 in 2022, according to the BLS’ Survey of Consumer Finances. (The survey is conducted every three years; 2022 is the latest data available.)

Read on to get a sense of the typical net worth for someone your age, whether you’ve just started your career or you’re planning your imminent retirement.

Younger than age 35

Source: BLS’s Survey of Consumer Finances, 2022

Note: The BLS tracks both median and mean net worth. Bankrate includes both for context, but because extreme outliers skew the results of the mean net worth, the median is the most accurate.

Before age 35, an average American will have the lowest net worth of any adult age group. Owning a home is likely the greatest single contributor to someone’s net worth, and as of 2022, only 43 percent of homeowners were between the ages of 25 and 34, according to the BLS.

As a result, the majority of younger Americans’ positive net worth likely comes from a 401(k), IRA, HYSA or other savings. Accordingly, as of 2022, Americans younger than 35 had a median of $18,880 in retirement accounts, according to the BLS.

While they’re the least wealthy age cohort overall, Americans younger than age 35 saw their average net worth more than double between 2019 and 2022 (from $16,230 to $39,040), according to the BLS — more than any other age group.

Ages 35-44

Source: BLS’s Survey of Consumer Finances, 2022

As people reach ages 35 to 44, perhaps a decade into their working life, they may feel financially secure enough to consider major life changes like starting a family or a business. They may also be paying off the last of student loan debt or credit card debt.

Nearly two-thirds (62 percent) of people in this age bracket own a home, as of 2022, according to the BLS, contributing to a median net worth that’s more than three times as much as younger adults.

In addition, Americans ages 35 to 44 had a median of $45,000 in retirement accounts, as of 2022. Overall, people in this age group have gained more wealth on average since 2019, but only a small bump: from $105,610 in 2019 to $135,300 in 2022.

Ages 45-54

Source: BLS’s Survey of Consumer Finances, 2022

By their late 40s, many working people have achieved higher career earnings. By this time, many also have new financial priorities: Parents of older children may be providing financial support for college, trade school or other postsecondary education. Some people may also start spending more on health care.

Many adults ages 45 to 54 have also been diversifying their investments, especially those with higher incomes. With that, their net worth grows. This age group made a median income of $91,880 in 2022, according to the BLS, the highest of any age bracket. Their assets included a median of $115,000 in retirement accounts, as of 2022.

This demographic saw a 23 percent increase in net worth between 2019 and 2022, from a median of $195,670 to a median of $246,700, according to the BLS.

Do I need a financial advisor?

By your late 40s, you may have started wondering if you needed to hire a financial advisor to manage your hard-earned investments. Bankrate’s guide will help you figure out what financial advisors do and if you need one.

Ages 55-64

Source: BLS’s Survey of Consumer Finances, 2022

After 55, many people enter their last working years before they retire at 65, though others will still likely continue to work. As of 2023, 11.2 million adults ages 65 years or older were either working or still actively looking for work, according to the U.S. Department of Health and Human Services’ Administration for Community Living.

Though many people are no longer making a top salary, people ages 55 to 64 make a relatively high income: a median of $82,150 in 2022, according to the BLS. Additionally, after decades of growth, investments made in their early working years have begun to see major returns. A $100 investment in the S&P 500 in 1990 is now worth about $3,220 in 2024, according to the Data Foundation.

All in all, people ages 55 to 64 had a median of $185,000 in retirement accounts in 2022, according to the BLS.

Ages 65-74

Source: BLS’s Survey of Consumer Finances, 2022

People ages 65 to 74, who are either about to retire or already are retired, have the largest net worth of any age group, thanks to assets increasing in value over a long period of time and the fact that they may have paid off their homes. The vast majority (77 percent) of people ages 65 and older own their home, according to the BLS. They also have a median of $200,000 in retirement accounts, as of 2022.

People in this age bracket saw their average net worth increase from $308,430 in 2019 to $410,000 in 2022.

Age 75 and older

Source: BLS’s Survey of Consumer Finances, 2022

Those ages 75 or older tend to be retired, and their yearly income has dipped to a median of $49,070, as of 2022. As expected for retirees, they’ve also likely begun living off their savings, which lowers their net worth. People ages 75 and older reported a median of $130,000 in retirement accounts in 2022.

They also had a median net worth of $295,480 in 2019 and a median of $334,700 in 2022.

At a glance: Median net worth trends in the U.S.

Overall, American families’ real median net worth increased from $141,140 in 2019 to $192,700 in 2022, a 37 percent increase, according to the BLS.

The median American net worth decreased in the period between 2007 and 2010 during the Great Recession, but has steadily increased since:

Net worth of U.S. families, 2007-2022

Source: BLS’s Survey of Consumer Finances, 2022

Bottom line

If you feel behind on building your net worth, don’t worry — your net worth isn’t your complete financial picture. The mean and median net worth listed here are not required numbers to retire or live comfortably, and they may not be possible for many people to achieve, especially when inflation squeezes savings. Every retirement plan is different, and one person’s goal may look very different from another’s.

If you’re interested in increasing your net worth, your first priorities should be paying down any high-interest debt and increasing both your general savings and retirement contributions. Both are more than just ways to increase your net worth — they’re also attainable steps towards financial freedom.