The average American’s net worth spikes 15% after retirement — will yours?

The median nett worthy of a household wherever the notation idiosyncratic is 55 to 64 is $364.5K, according to information from the latest Survey of Consumer Finances (SCF) conducted by the U.S. Federal Reserve successful 2022.

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But the median nett worthy of a household wherever the notation idiosyncratic is 65 to 74 is $409.9K — adjacent though the mean status property successful the U.S. is 62, according to a caller MassMutual study.

Average nett worths are importantly higher, according to the Federal Reserve, but correspond a akin spike: $1,566,900 for those 55 to 64 and $1,794,600 for those 65 to 74.

That means nett worthy is expanding for galore seniors implicit the archetypal years of their retirement.

Why would this be?

Retirees’ nett worthy whitethorn initially turn if they don’t request to interaction their nest egg. Indeed, there’s immoderate grounds that retirees aren’t taking income from their status savings until aboriginal successful retirement.

A JPMorgan Chase survey analyzed by Smart Asset recovered that, from 2013 to 2018, 80% of retirees didn’t retreat from accounts requiring required minimum distributions (RMDs) anterior to reaching RMD age, which was 70.5 astatine the clip and is present 73.

Further, erstwhile they started taking RMDs, they withdrew lone the minimum amount, which suggests they could unrecorded disconnected different income sources for astatine slightest the archetypal fewer years of retirement.

One of these income sources mightiness person been Social Security status benefits.

In 2023, the mean property for starting status benefits was 65.2, but 22.5% of men and 24% of women took their payment astatine property 62, according to the SSA.

In March 2025, the mean monthly payment paid to retirees was $1,997.13, which translates to an yearly income of astir $23,965.

A defined payment (DB) pension is different imaginable root of income that doesn’t gully connected status savings. While DB pension plans are little communal nowadays than they utilized to beryllium — and are mostly confined to unionized and nationalist assemblage workers — determination are inactive millions of Americans who are beneficiaries of nationalist and backstage DB plans.