That's because you have a concentration of wealth in the upper echelons here in America where they throw off the average. Just as an example, remember 45-54, the median was $169,000, the average is $833,000. By the way, the average is about 4-5 times higher.
Now, by net worth, what we mean is everything you own, which is your brokerage account, your IRA, your house, your vehicles, minus everything you owe, so you take out your debt. Remember, median is where half the people have more and half the people have less. Every three years, the Federal Reserve does its survey of consumer finances and last time was in 2019 and the results were at least last fall.
Net worth would be a more comprehensive measure, and fortunately, we have some numbers from the Federal Reserve that are sort of recent. A couple of weeks ago, we revealed the latest average 401(k) balances according to Fidelity, but a 401(k) is just a single slice of a household's finances. All that and more, I promise I will let Bro talk, on this week's episode of Motley Fool Answers.īrokamp: I got a couple of things here, just a couple. In this week's episode, we're going to review some tools and apps to help you track your spending, investment returns, and goals for retirement. In this week's episode, we're going to review some tools, I'm not letting you talk. Southwick: He's the Personal Finance Expert here at the Motley Fool.
Robert Brokamp: I don't know, I don't remember, but I liked it. I'm Alison Southwick, and I'm joined as always by Robert, Robi the money, Brokamp. This video was recorded on March 16, 2021.Īlison Southwick: This is Motley Fool Answers. Simply click here to discover how to learn more about these strategies. each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. For example: one easy trick could pay you as much as $16,728 more. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. If you're like most Americans, you're a few years (or more) behind on your retirement savings. The $16,728 Social Security bonus most retirees completely overlook
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