oneinchpunch / Depositphotos.com
One group of Americans is feeling the economic pain less than anyone else: And it’s the one that’s feeling EVERY OTHER type of pain.
According to a new report from the Federal Reserve, America’s wealthiest age group is: People 75 years old and OLDER.
That makes some sense: They’ve benefited from a surge in property values in recent decades . . . there have been steady gains in the stock market for most of the past few decades . . .
And they’ve had plenty of time to grow in their careers, while side-stepping the worst of kid-related costs. If you’re over 75, you may have sent your kids off to college before the 21st century surges.
For the oldest families aged 75 and over, median net worth jumped to nearly $505,000, up from just over $367,000 in 2022. Three years ago, people aged 65 to 74 were the richest. (All the figures are adjusted for inflation.)
Those aged 35 and below reported median net worth of $33,000, a drop of 23% from $43,000 in 2022.
Education has a major impact on net worth. The median net worth of someone with a college degree is $505,000, down slightly from $509,000 in 2022.
For people with just a high school diploma, the median net worth is $107,000 . . . and if you don’t graduate high school, the median net worth is $18,600. And that group is really struggling recently . . . down 55% from $42,000 in 2022.
(AP News)
