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Posted on 02/06/2026 4:00:17 AM PST by where's_the_Outrage?
By the time you reach your mid-70s, your financial life often looks very different from what it did a decade earlier. Work is usually behind you, priorities have shifted, and your money is no longer just about growing. It's about sustaining the life you want to live, especially if you're trying to maximize your senior benefits and get the most value out of every dollar you've earned.
If you're 74 (or getting close), this is a natural moment to check up on your retirement readiness and see how your own situation compares to other Americans in the same age range.
Net worth is simply the total value of what you own minus what you owe. That includes things like savings and investment accounts, home equity, vehicles, and other assets, minus any remaining debts such as a mortgage, credit cards, or medical bills.
At 74, net worth often looks different from what it did earlier in retirement. Many people have started drawing down savings, some have downsized or paid off their homes, and others may still be carrying a mortgage.
According to the Federal Reserve's Survey of Consumer Finances, households headed by someone aged 75 or older (the closest public data bucket to 74-year-olds) have an average net worth of roughly $1.6 million. The median net worth, which is a better reflection of the typical household, is much lower, around $335,000.
The gap between these two numbers tells an important story. A relatively small group of very wealthy households pulls the average up, while many retirees have a far more modest balance. If your own number is closer to the median, you're not unusual.
(Excerpt) Read more at msn.com ...
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At 74, 330,000 should easily outlast you unless you go on world cruises or something. Even nursing home should be ok since average is a three year stay before death. At 10 grand a month, that’s 30 months or so.
I am still working at 72 , I have nowhere near $335000 on which to retire. I was not savvy about saving for a retirement having helped my children financially along the way. When my husband died, I found out he never changed his will and it stated that his children should inherit the home we lived in and any money . I received nothing. Lessons learned .
“not jump like a trained monkey for a paycheck?!”
*************
Especially in today’s still largely woke workplace. The nonsense wears on you and that’s not a healthy thing.
Boomers’ fault? I’m a Boomer but I was 9 when Nixon left the gold standard.
FDR confiscated gold in 1933. Jekyll Island was 1910.
The enemy is over there, son, not over here.
My point is that there will be no inheritance coming to them. It’s all going to either the state or to a nursing home.
I’ve already told my kids not to use our savings as a retirement plan. There won’t be much left.
That’s also when you have to start dealing with Required Minimum Distributions (RMDs) on your 401Ks, which can bite you with a big tax bill if you don’t plan ahead.
Too late. I spoiled them. I wanted their lives to be easier than mine was.
I was wrong!
You plan on what my uncle always called “dying in the harness” like an old horse.
Didn’t see how the data was collected...Most authors describe
their methods.
Found it.
Federal Reserve’s Survey of Consumer Finances
I retired 2 months after being widowed in 2024. My wife wouldn’t let me retire because I had an easy job. I continue with SS, retirement, and 25 rental doors. I’m 73 and in good health. Working after reaching maximum SS retirement age worked well for me. My wife wouldn’t travel for nothing. A 35 mile trip to a larger city was a big trip for her.
while 355K is not enough for most retirees, it does represent some effort at saving, preparation.. which is to be commended
what may be very important for many retirees is to have reliable medical insurance and long term care insurance or arrangements
Sadly.
Right, a million may not be nothing but it doesn’t really mean much any longer. In the last 50 to 60 years the value of a dollar has gone from $1 to around 16 cents. 16 CENTS on the Dollar!
Not just sad, tragic and disgusting. The dollar is turning into Monopoly money.
Sorry for your loss. My wife won’t go out of the country nor will she fly. Long road trips are fine with her though
That’s the MEDIAN net worth. You take Elon Musk’s worth and a homeless person’s net worth. Halfway between those two is the median net worth.
The article says that’s a better measurement. I totally disagree.
I believe a median is reached when the same number of data points are above and below that point.
After active duty I also continued in the ARNG until retirement. My wife and I are both retired and along with our blue collar private sector job pensions, Social Security, TRICARE and military pension we are very comfortable. We sold our home for $300K and moved into an over 55 community. We raised five kids and sent them all to college. It’s been a good life. My advice to young folks is to follow Christ, He’s your friend accept him as such. Protect your soul from evil, and NEVER vote for a democrat.
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