Benchmark your Net Worth by Age
Beth Carvin stashed this in Interesting Research
Stashed in: economics
Well, the over 65 range did not increase but to that group's credit they likely don't have employment income at that point. Actually what I think the chart is telling us is that nobody is saving enough. These figures are net worth so likely house equity is a big chunk of it rather than cash.
Yeah you point out two disturbing trends:
1. Most peoples' net worth is tied up in their homes.
2. Hardly anyone is earning enough to save money.
Not sure how either of those trends get better.
Here's the source of that chart by the way:
Or 30% have just enough money for 2 years in a nursing home.
Now that's a sad thought.
It is going to be an interesting to watch how the erosion of pension plans impacts the elderly. The first group of employees with 401(k)s instead of pension plans will be retiring over the next 10 - 15 years. I think the "unintended consequences" might be significant.
That's very likely. Money like that has no place to hide.