How much wealth you need to thrive based on your age
Summary
A report from The Aspen Institute shows that most American households lack enough wealth to handle financial problems and reach key life goals like buying a home and saving for retirement. The amount of wealth people need to feel financially secure grows as they get older, but many still fall short across all age groups.Key Facts
- About 34.5 million U.S. households do not have enough savings and assets to meet "essential wealth," which includes six weeks of pay plus enough for homeownership and retirement.
- Essential wealth means having money saved to cover setbacks and owning assets that help with long-term goals like education and retirement.
- People under 40 who meet this benchmark generally have enough for a down payment on a basic home.
- Only 29% of Americans aged 65 and older meet the essential wealth level, the highest percentage among age groups.
- Many younger adults feel homeownership is harder to achieve now compared to their parents’ generation.
- The amount of essential wealth needed can vary depending on where someone lives and their income.
- Despite low unemployment and strong stock markets, many Americans feel pessimistic about their financial future.
- The Aspen Institute suggests focusing on wealth, not just income, to better understand financial security.
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