Median Net Worth of Older Americans Rises

Median household net worth decreased by $5,046, or 6.8%, between 2000 and 2011, but during that same period, median net worth increased for those age 65 and older, according to a new report from the U.S. Census Bureau. 

In fact, the age 65 to 69 group experienced the largest increase in absolute terms among the over 65 group; $40,000 or 25.9%. However, the report notes that experiences of those age 65 and older “varied substantially” based on their relative position in the wealth distribution; median net worth decreased for those in the first quintile and showed no statistically significant change for those in the second quintile. Net worth increases in all the other quintiles varied widely — from $24,707 (16.9%) for those in the third quintile to $158,398 (21.4%) for those in the highest quintile.

As for those approaching retirement, the age 55 to 64 group as a whole experienced no statistically significant change in median net worth between 2000 and 2011, but median net worth decreased for the bottom three quintiles of this age group. 

Median net worth for the highest two quintiles showed no statistically significant change over this period.