According to CNBC, the average net worth of an American ages 65 to 74 is $409,900, which is evident that many in this age group have navigated their financial journeys with wisdom and foresight.
If you're carrying little to no debt, it's a strong indicator of financial health. At 70, the goal is to have minimized liabilities, especially high-interest ones like credit card debt, which can erode your savings and income over time.
An established emergency fund signifies preparedness. Having savings set aside for unforeseen expenses means you’re not caught off guard by life's surprises.
Having a clear legacy and estate plan in place indicates not just financial wellness but also thoughtful consideration for the future. Having an estate plan shows that you're managing your assets responsibly.
This calm signifies that your living expenses are well within your means, allowing you to focus on enjoying life rather than worrying about the next bill or unexpected expense.
Maintaining a lifestyle that is sustainable with your retirement savings and income sources indicates financial prudence. It shows you've successfully balanced your desires with your means.
An active investment portfolio adapted to your age and risk tolerance reflects not only financial health but also engagement with your wealth.
Being financially independent, without the need for support from family members, highlights a successful accumulation of resources over your lifetime.
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