Editor: we updated this data for 2016 SCF data.
Continuing our little series on American Net Worth secrets revealed by the Federal Reserve’s 2013 Survey of Consumer Finances, I figured we’d zoom into a little segment of the population where more than a few politicians have made their careers: retirees.
Okay, that’s a big segment. Regardless, let’s look at the Net Worths of households led by 65+ year olds in 2013.
The Net Worth of American Retirees
It’s important to note that these incomes use the Federal Reserve’s calculations of Net Worth, but don’t attempt to quantify the value of income streams. That’s right – these numbers are sans pensions and Social Security and Medicare streams of income – depending on your perspective (and how you compute the value of those benefits), those are either a bonus or the net worths listed are a bonus. Anyway, here’s what we’ve got:
I’ll hold off on the heavy analysis, since these numbers generally speak for themselves. However, I will say this: the retiree set is the wealthiest demographic in America, before additional monthly payments are factored in (more about that in the next article). More than 60% of households headed by 65+ year old members have at least six-figures of wealth, and more than 10 percent are into the seven figures.
So, how does this data shock you? Does it seem higher than you were expected? Lower? How would you value the income stream of OASDI or a pension for this demographic?