I absolutely love using the calculators at CNNMoney.com. There are so many cool ones that I use frequently. They have one for housing prices, cost of living comparison, retirement needs, saving for college, etc. I actually just stumbled across one for the average net worth of Americans. All you have to do is enter in your age and current salary and it give you two charts. The first chart shows you the average net worth of individuals in your age group. The second chart shows you the average net worth of individuals in your income range. I’m not sure how helpful the second one would be since it compares the salary against any age. If I am making $50,000 as a 22 year old, of course someone making $50,000 as a 50 year old will have a larger net worth than me (I hope they do). Anyway, here are the averages for different age groups:
65 and Over
Where do you stack up against these numbers? Personally, we are no where near the average for our age group. I mean we are not even in the same zip code. I imagine that has to do with the fact that we both used a lot of student debt to earn our degrees and we own no real estate.
Do you think these numbers reflect the recent turmoil in the stock market? The calculator did not have a certain date on it (i.e. “this chart is based on the 2000 census”). However, I hope that it takes into account the recent decline. The net worth of individuals should be much higher than these averages. You should strive to be much higher than these averages.