Americans Nearing Retirement See Record Wealth Gains Over Last 3 Years
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Between 2019-2022, Americans' median net worth surged 37%, the largest 3-year increase ever recorded. This implies some narrowing of the wealth gap.
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Americans aged 50-54 now have an average net worth of $1.13 million. Those aged 55-59 have an average net worth of $1.44 million.
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Strong stock market returns over the past decade have helped significantly grow retirement accounts for Americans now in their 50s.
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Being close to paying off mortgages while home values rose has also contributed to the accumulation of wealth.
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Americans who invested steadily through stock market volatility in 2020 saw especially large gains, with the NASDAQ returning over 40% that year.