Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Demography Sector Head Neil Howe. Click here to learn more about the Early Look.
The latest Federal Reserve data on Consumer Finances shows that a disproportionate share of gains in wealth and income in recent years have gone to consumers age 75+, who now have the highest median net worth of all age groups for the first time ever.
This latest good news for the elderly comes atop 30 years of rapid wealth growth among older Americans. As a result, the net worth of older families now towers over that of younger families. In fact, The relative affluence of today’s elderly is historically unprecedented. Never before have Americans age 75 and older had a higher median household net worth than that of any younger age bracket.
