Americans between the ages of 65 and 74 have a median net worth of $410,000, according to the latest Survey of Consumer Finances from the Federal Reserve. This figure represents the highest median net worth of any age group in the United States.
Data indicates that 76 percent of individuals in this age group own a home, with a median home value of $320,000. Additionally, 51 percent hold a retirement account, with a median balance of $200,000. Vehicle ownership is reported at 88 percent, with a median value just over $27,000, and 19 percent own additional residential real estate, such as a vacation home, with a median value of $195,000.
While wealth is concentrated in these assets, debt is still present. Approximately 65 percent of Americans aged 65 to 74 carry some form of debt, with a median total debt balance of $45,000. Specifically, 29 percent have a mortgage or home-equity loan with a median balance of $113,000, 24 percent have vehicle loans with a median balance of $16,000, and 34 percent carry credit card debt with a median balance of $3,500.
The Federal Reserve's survey shows that net worth generally increases through midlife as incomes peak, home equity accumulates, and retirement savings grow. Households in the 65 to 74 age range are at the peak of this curve before balances typically begin to decline as individuals move further into retirement and start drawing down savings.
These figures highlight that wealth for this demographic remains heavily tied to real estate and retirement accounts. The data also reveals significant variation within the age group, with some individuals holding substantial wealth and others entering retirement with far less.