With all the election hype these days, do you ever turn on your TV and hear politicians talk about the so-called 1%? This term refers to the wealthiest 1% of people in the country in terms of their net worth or annual income.
Do you ever wonder where you fall in the wealth spectrum for the U.S.? The statistics below can shed some light on where you stand. The data below comes from the latest Federal Reserve figures and recent surveys conducted by leading news sources.
First, let’s look at the world’s net worth — the figures may surprise you:
1. To be in the international top half of wealth, you must have more than $3,200 in net assets.
2. $69,000 in net assets qualifies you for the top 10% in the world.
3. To be in the top 1% of the world, you would need about $750,000 in net assets.
4. $32,400 makes the cut for the top 1% of income.
In the U.S., the 1% looks quite different:
1. The average American family has a net worth of $530,000.
2. The median American family has a net worth of $81,000.
3. To make the cut for top 1% of income in the U.S., you need to make $435,000 per year.
4. If your net worth exceeds $7 million, you make the cut for the top 1%.
Since saving for retirement provides an effective option for growing personal wealth, we looked at some retirement data from the 2013 Federal Reserve report on the economic well-being of U.S. households.
Below, find the figures that we found particularly interesting.
1. One-third of non-retired Americans have no retirement savings.
2. The median retirement account balance in households with adults aged 55 to 64 totaled $14,500. If you exclude households without no retirement savings, that median jumps to $104,000.
3. Only 10% of private U.S. companies provide lifetime pensions.
Given these figures, how do you feel about your retirement plan? We can help. AAFMAA Wealth Management & Trust provides investment management, financial planning and trust services to current and former members of the U.S. Military and their families. Give us a call at 1-888-885-1329, select option 3, or email us at [email protected]. Let us show you what it means to have a trusted advisor who acts only in your best interests.