Seniors' Net Worth Rises Post-Retirement
This is a news story, published by Yahoo Finance, that relates primarily to Social Security news.
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retirement incomeMoneywise
•Business
Business & Economics
The average American’s net worth spikes 15% after retirement — will yours?
78% Informative
The median net worth of a household where the reference person is 55 to 64 is $ 364.5 K, according to the latest Survey of Consumer Finances (SCF) Average net worths are significantly higher, but represent a similar spike.
Many seniors do see their net worth grow in the first decade of retirement.
Retirees aren’t tapping their nest egg until later in retirement.
For example, it may make sense to draw from investments now and delay taking Social Security .
For some, this growth may be needed to ensure they don’t run out of money in their lifetime.
Others may see it as an opportunity to increase their retirement income and live less frugally.
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