Average Net Worth of a 65 Year Old (2021) - How Do You Compare? 💰💰💰 - YouTube

we're going to talk about the average net worth  of somebody age 65 and this might be a little  

uncomfortable because now you're going to kind of  look and see where you shape up if you're about  

to turn 65 we're going to look at the average  across the country and are you above the average  

below the average we certainly hope we're above  the average and that we're starting to get our  

things together ready for retirement so i'm  keith armbrick founder of medicare on video  

i help people across the country make the right  medicare choices and i can absolutely help you  

as well a lot of things go on when you're turning  65. so a lot of the things that i can help with  

primarily medicare and there's a lot to it whether  you're turning 65 and getting ready to come in  

whether you're still working you're past  65 and now you're going to retire and it's  

time to come into medicare how to start your  medicare part b get a medicare supplement plan  

a medicare drug plan and then even dental vision  and hearing so this is all stuff that you have to  

deal with when you're turning 65 besides figuring  out if your net worth is enough to make things go  

the way you want them to go in retirement and then  also on the retirement side you may have a 401k  

you need to roll over if you've built that up your  entire life and you want to roll it over so that  

you have total control over it and an annuity  might be the best way to go where it can be  

safe and simple what we want to do is maintain  what we've built up we don't want to lose our  

nest egg and we want to create a lifelong  monthly income so something that's guaranteed  

to be there every month for the rest of  your life regardless how long you live so  

this is all stuff that i help with and i'll give  you a little more information on that on the  

end but right now let's talk about net worth  and what is net worth and it's pretty simple  

it's basically your assets minus your liability  so what you own minus what you owe and it's not  

really too hard to figure it out you put them side  by side and then we figure out exactly what we own  

first so under your asset side you're primarily  going to put in things like your checking account  

how much is in your checking account how much is  in your savings account how much you've built up  

in retirement savings whether it's that 401k plan  or whatever else you may have as a retirement plan  

and then your real estate obviously how much  equity you have in your home assuming that you  

own a home that's generally the biggest piece  of wealth most people have is that chunk of  

equity that's in their home and that's a whole  different story on figuring out how to best  

utilize that equity in your retirement so that  it works for you as well and then your autos and  

hopefully your autos will be an asset and not a  liability depends on whether you owe money on them  

if you've owned them outright they're an asset if  you just bought it and you finance the whole thing  

then it's a big liability so on the liability side  you're going to have consumer debt personal loans  

student loans hopefully for turning 65 we  have gotten rid of pretty much our student  

loans mortgages auto loans and other debt so  it depends anything you finance that you have  

that you owe money to would be a liability  so to come up with our network pretty simple  

assets minus liabilities equal net worth and  that's as simple as it can be and you can  

get it as close as you can but it's never an  exact number but it gives you a pretty good idea  

kind of on where you stand so when we look  at the averages across the country and this  

is put out there by the federal reserve every  year these are 2019 numbers you can see down  

here close to the bottom 65 to 74 and these are  household numbers so it's kind of difficult to get  

single numbers because most or i don't a lot of  people are married and it's all combined so this  

is the combined or single depends on your  household and you can see average net worth  

there's two different columns million sixty  six thousand dollars and then median net worth  

is 224 thousand dollars a significant difference  between those two numbers so what is the  

difference between average and median an average  is really skewed because if you take an average of  

across the board scenarios the ones at the very  high end of that scenario are going to skew the  

number much farther to the left because they are  a much larger piece of the pie when it comes to  

overall assets so that average number isn't really  a number so you can feel a little bit better about  

that but the median number is the number that's  right in the middle so not taking into account  

how much it's just right in the middle so that  224 thousand dollars and that's not a really  

big number if you're about to retire at age 65.  it's something we certainly hope we're ahead of  

that and we certainly hope we have more than  that to retire with but when you calculate in  

what you're going to get from social security  and then again whatever you have saved whether  

it's in a retirement counter wherever it may be  you need to figure out the best vehicle so that  

it's going to be there you're not going to lose it  for one but that it's going to have a guaranteed  

monthly income for the rest of your life that is  by far the biggest worry is outliving your money  

so again stuff that i can help with and i'm happy  to help with it you can just send me an email  

or give me a phone call whether it's medicare  or whether it's retirement and rolling over  

it's it's not as complicated when you have  somebody that knows what they're doing so  

that's what i do every day and i'm happy to help  i'm gonna give you a little information on my  

website but just visit medicareonvideo.com  tremendous amount of information there also  

absolutely visit my youtube channel i have videos  on all this stuff and then i'll give you some more  

information on exactly what you can find on my  website hope you found this helpful stay tuned  

if you're getting ready to come into medicare  whether you're turning 65 or you're about to  

retire you know by now there's just a tremendous  amount of information that you need to understand  

and it can be very complicated so that's what i  do is i try to take the complication out of going  

into medicare so if you visit medicareonvideo.com  i have put just about everything you need to  

understand right here on this website so the  first thing you can do while you're here on the  

home page is you can get a free quote for your  medicare supplement plan in your zip code just  

put in your basic information and we will email  you the best plan at the best price in your zip  

code now you can also just hover over the menu bar  and you'll see it'll drop down and it has topics  

on just about every piece of medicare that you  need to understand whether it's the functionality  

of medicare or whether it's actual medicare  supplement plans you can find it all right here  

on medicare on video i've put a tremendous amount  of time to put everything in a place where i try  

to make it easy for you to understand so you'll  see it's kind of lighter reading on the side and  

gives you a pretty good overview of exactly what  you have and you also find videos on every page  

explaining what things mean so i find it makes it  much easier for people to see it on video so that  

way they understand it and then by all means visit  my youtube page you can get to my youtube page by  

going to keithsvideos.com takes you right to my  home page you can find any video if you search on  

a little magnifying glass for what you're looking  for it'll bring up videos in that topic category  

so hope you find all this helpful i certainly hope  you'll allow me to help you with your medicare  

and i'll make sure we get all your pieces  in the right places have a fantastic day