Last fall, Fortune made the somewhat surprising revelation that, per the Federal Reserve, the average American household is made up of millionaires. Specifically, the Fed's consumer finance survey noted that, adjusting for inflation, the mean net worth of US households was $1.06 million—a big jump from the $868,000 figure seen in 2019. But how do households break down according to age when it comes to how much money they've got stockpiled? According to a new analysis by USA Today, "Millionaires Row" continues to gain new members, especially among the quinquagenarian set. The newspaper notes that "sometime around age 50, the average American can now expect a household net worth exceeding $1 million."
USA Today breaks it down by decade, comparing Americans' average and (more modest) median net worth through one's prime earning years. Someone in their 20s, for instance, has a relatively paltry average net worth of around $120,000, as young adults in that demographic are just starting out in their careers and paying off college debt. Then comes one's 30s: Think buying a house, starting a family, and advancing in one's career, which comes with higher expenses, but also a higher average net worth ranging from around $250,000 to $500,000. The decade after that brings boosted home equity and higher earnings, with an average net worth coming in between $590,000 or so and $780,000. Then, "in their 50s, many Americans attain the mythical status of millionaire, their household assets worth at least $1 million more than their liabilities," USA Today notes.
Well into your sixth decade and not yet seeing those millions? The paper says not to sweat it: "Those numbers are averages, and the super-rich drive them waaaay up." Instead, the median US household of 50-somethings sees a net worth of a much more relatable $300,000. One expert tells GOBankingRates that a better way to figure out what your net worth should be around the big 5-0 is to multiply your current salary by four or five times. So, if you're earning $60,000 a year, aim for a net worth of $240,000 to $300,000. But, "it hinges on your lifestyle and your retirement goals," says National Business Capital CEO Joe Camberato. "If I were to give a rough estimate, I'd suggest having at least $500,000 in savings by your 50s and ideally pushing toward a million or more. This should encompass cash, stocks, your 401(k), and any home equity, minus your debts and mortgage." (More net worth stories.)
,
uBlock 
,
and
Ghostery 
)
