Baby Boomer Net Worth Statistics [Fresh Research] • Gitnux (2024)

FAQs

What is the average net worth of Baby Boomers? ›

Members of this generation have an average median net worth between $200,000 and $255,000, according to the Federal Reserve's 2019 Survey of Consumer Finances. Their mean net worth sits roughly between $970,000 and $1.2 million.

Baby boomers (ages 59 to 77) reduced their debt load during that period — but only slightly, from $96,087 in 2022 to $94,880 in 2023. Meanwhile, the silent Generation (78+) reduced it from $39,859 in 2022 to $38,600 in 2023.

Baby boomers have the most wealth among four recorded generations. Other generations have less wealth, but it's not necessarily an indication of financial problems. Plan for upcoming economic issues such as higher housing and medical costs by investing early.

Collectively, baby boomers benefited a great deal from America's economic growth over the second half of the 20th century. The economy boomed in their childhoods as the U.S. became a superpower, and as adults, they had an easier time buying low-cost housing than their children or grandchildren would.

The lack of savings is greater for certain social groups. The average retirement savings for all male boomers just hitting retirement age is $269,000, but it's $185,000 for women. The divide widens even more for non-white retirees.

Most peak boomers aren't financially ready for retirement

About 53% of "peak boomers," or the tail end of the generation who will turn 65 between 2024 and 2030, have less than $250,000 in assets, the new study found.

Many millennials can eagerly anticipate becoming the “richest generation in history” over the next 20 years as they are set to inherit their baby boomer parents' wealth. However, a large portion of millennials are not expecting a windfall of cash when their parents pass away.

According to the Federal Reserve's latest Survey of Consumer Finances, only about 10% of American retirees have managed to save $1 million or more.

What net worth is considered wealthy? ›

In the United States, the concept of being rich is often a subject of discussion, curiosity and, sometimes, aspiration. Charles Schwab's 2023 Modern Wealth Survey provides insights into this topic, revealing that the average American equates being wealthy with a net worth of approximately $2.2 million.

Household wealth or net worth is the value of assets owned by every member of the household minus their debt. The terms are used interchangeably in this report. Assets include owned homes, vehicles, financial accounts, retirement accounts, stocks, bonds and mutual funds, and more.

The upper class has an average net worth of $793,120 to $2.65 million, while the lower class has $16,900. The middle class ranges from $58,550 to $300,800. You can grow your net worth by saving and investing consistently, investing in the stock market, and being careful about taking on debt.

But being counted among the highest net worth individuals can be much "easier" in some countries than it is in others. To belong to the 1% in America, your net worth would have to be about $5.8 million or higher, according to the new Wealth Report from real estate company Knight Frank.

Across all generations, the average balance rose 6% to $125,900. That suggests Gen X's average of balance of $178,500 and boomers' $241,200 didn't grow as fast as those of the younger cohorts.

Top 5 Baby Boomer values. Baby Boomers are known for their strong values that have shaped their generation and continue to influence society today. The top 5 Baby Boomer values include hard work, individualism, optimism, family, and consumerism.

Most peak boomers aren't financially ready for retirement

But huge disparities exist between within the group, the study found, based on its analysis of data from the Federal Reserve and the University of Michigan Health and Retirement Study.

The boomers were born between 1946 and 1964, so their age ranges from 59 to 77. According to the Social Security actuarial tables, the life expectancy for those born in 1964 is 80. Those born in 1946 can expect to live to age 86. Lost Generation – 1883-1900.