How does your wealth compare to today’s retirees?

What does the net worth of retirees look like today?

The latest data from the Federal Reserve’s Survey of Consumer Finances shows that retirees have an average net worth of $287,900 As of 2022. This number captures Everything they own– Such as homes, investments, savings and vehicles –Minus what they owe.

The line chart below shows how that number has changed since 1989. Retirees’ wealth rose during the 1990s, fell during the recession of the early 2000s, and then fell after the 2008 financial crisis. Growth has resumed in the years since, but the most striking change came in the latest reading: a jump from about $203,000 in 2019 to nearly $288,000 in 2022, buoyed by rising home values. And strong investment gains during the early pandemic period.

But this higher number tells only part of the story. Breaking down the components gives a clearer picture of the financial situation of retirees today.

What’s behind the numbers: Debts, mortgages, and assets

While net worth includes everything retirees own and owe, the core pieces vary widely from family to family. The numbers below reflect retirees Who reported holding each asset or debt– Not average among all retirees. However, these details provide an under-the-hood look at what adds to a retiree’s wealth and what subtracts from it.

Common assets owned by retirees

Among retirees who reported owning these assets, typical balances include:

• Retirement accounts: $170,000
• Primary housing: $279,000
• Other residential properties: 150,000 dollars
• Unrealized capital gains: $139,440
• Vehicles: $21,000

These amounts underscore how central real estate and retirement savings are to a retiree’s overall net worth.

Major debts among retirees

Among those with such liabilities, typical balances include:

• Mortgages or home equity loans: 100,000 dollars
• Home equity lines of credit: $27,000
• Other real estate debts (Non-primary residence): $158,000
• Education loans: 20,000 dollars
• Vehicle loans: $13,000
• Credit card balances: 2500 dollars

A look at these numbers can explain why your finances may look very different from those of today’s retirees.

How to protect and enhance your wealth in retirement

Retirement often means shifting from building wealth to managing it carefully. Although net worth often declines over time as income disappears and savings are withdrawn, there are practical ways to help keep your money on steady ground.

One of the simplest steps is to ensure that your money is earning a competitive return, so that your savings keep up with inflation. This could include today’s best high-yield savings accounts, money market accounts, and brokerage cash management accounts, which pay much more than traditional savings accounts. For more predictable returns, short-term Treasuries and higher-paying options from today’s best CDs can play a role, while I-bonds add an inflation-linked option that adjusts over time.

Controlling your spending is another useful tool. Creating a clear withdrawal plan — whether using the 4% rule as a baseline or adjusting to your personal needs — helps prevent your eggs from eroding faster than expected. Cutting investment costs, such as switching to index funds or reviewing advisor fees, can also help keep more of your money in your pocket.

For some retirees, you may be able to provide a useful cushion by earning a little income. The occasional consulting, part-time job, or income from a hobby doesn’t have to be a huge commitment, but even modest inflows can slow down the pace at which you spend your savings.

While many retirees avoid new debt, reviewing existing balances — especially on mortgages, car loans or outstanding credit card debt — can reveal opportunities to cut costs or consolidate at lower rates. Each part helps you as you work to protect the resources you’ve already acquired.