A variety of things those who are, or aspire to be, wealthy use when planning their retirement
Are you rich yet?
A high net worth (HNW) means at least $1 million in investment assets. According to Fed net worth data from DQYDJ.com, only the top 12.5 percent of American households qualify.
But that may not be enough to be considered wealthy.
According to a Charles Schwab wealth survey, Americans surveyed said you need $2.2 million to be wealthy. Even including primary residence equity in net worth, only 9 percent of Americans have that much or more.
Will you ever be rich?
Even if you don’t already qualify as HNW, you’ll need to get there to retire with an income in the top third of retirement-age Americans.
Here’s why:
- According to the Motley Fool, the average retirement benefit from Social Security for a worker and his or her spouse is $32.7k.
- Per Fed income data from DQYDJ.com, an income of $76.5k puts you in the 67th percentile of Americans aged 67 (the Social Security Administration’s full retirement age for those born in 1960 or later).
