Are You Average? Net Worth Averages As You Approach Retirement
It’s human nature to wonder where you stand in relation to others. We all want to know what’s average – average height, average age to get married, average income, etc. It’s also human nature to wonder where you stand in relation to others regarding your net worth at different phases of your life.
At the most basic level, your net worth is the value of your assets minus your debts. For example, if you have a million dollars in investments, and a house worth a million dollars with a quarter of a million-dollar mortgage, your assets will equal two million dollars with a quarter of a million in liabilities or debt, for a net worth of one and three quarters of a million dollars.