Have you ever wondered how your retirement nest egg compares to others?
The accumulation of wealth is subject that few of us discuss with one another and can be an unpopular subject in the eye of a recession. Although averages are just data and not a reflection of success or failure, knowing where you stand can help you understand whether you are on course or need to recalibrate your compass.
Below are the 2007 results from the Survey of Consumer Finances. The first two columns reflect the average and median values of retirement account assets. Remember that a “median value” represents the point at which 50% of the population has more assets and 50% of the population has less. The third column reflects total net worth, which for most people is the combination of their investment accounts and the equity of their real property assets.
* Note – This information is at the top of the housing market in 2007 and also does not reflect the value of any pensions or streams of income.
|Retirement Accounts||Net Worth|
|65 or older||$207,321||$60,800||$260,000 (appx.)|
Source: Congressional Research Service analysis of the Federal Reserve Board’s 2001, 2004, and 2007 Survey of Consumer Finances.