we're going to talk about the average net worth of somebody age 65 and this might be a little
uncomfortable because now you're going to kind of look and see where you shape up if you're about
to turn 65 we're going to look at the average across the country and are you above the average
below the average we certainly hope we're above the average and that we're starting to get our
things together ready for retirement so i'm keith armbrick founder of medicare on video
i help people across the country make the right medicare choices and i can absolutely help you
as well a lot of things go on when you're turning 65. so a lot of the things that i can help with
primarily medicare and there's a lot to it whether you're turning 65 and getting ready to come in
whether you're still working you're past 65 and now you're going to retire and it's
time to come into medicare how to start your medicare part b get a medicare supplement plan
a medicare drug plan and then even dental vision and hearing so this is all stuff that you have to
deal with when you're turning 65 besides figuring out if your net worth is enough to make things go
the way you want them to go in retirement and then also on the retirement side you may have a 401k
you need to roll over if you've built that up your entire life and you want to roll it over so that
you have total control over it and an annuity might be the best way to go where it can be
safe and simple what we want to do is maintain what we've built up we don't want to lose our
nest egg and we want to create a lifelong monthly income so something that's guaranteed
to be there every month for the rest of your life regardless how long you live so
this is all stuff that i help with and i'll give you a little more information on that on the
end but right now let's talk about net worth and what is net worth and it's pretty simple
it's basically your assets minus your liability so what you own minus what you owe and it's not
really too hard to figure it out you put them side by side and then we figure out exactly what we own
first so under your asset side you're primarily going to put in things like your checking account
how much is in your checking account how much is in your savings account how much you've built up
in retirement savings whether it's that 401k plan or whatever else you may have as a retirement plan
and then your real estate obviously how much equity you have in your home assuming that you
own a home that's generally the biggest piece of wealth most people have is that chunk of
equity that's in their home and that's a whole different story on figuring out how to best
utilize that equity in your retirement so that it works for you as well and then your autos and
hopefully your autos will be an asset and not a liability depends on whether you owe money on them
if you've owned them outright they're an asset if you just bought it and you finance the whole thing
then it's a big liability so on the liability side you're going to have consumer debt personal loans
student loans hopefully for turning 65 we have gotten rid of pretty much our student
loans mortgages auto loans and other debt so it depends anything you finance that you have
that you owe money to would be a liability so to come up with our network pretty simple
assets minus liabilities equal net worth and that's as simple as it can be and you can
get it as close as you can but it's never an exact number but it gives you a pretty good idea
kind of on where you stand so when we look at the averages across the country and this
is put out there by the federal reserve every year these are 2019 numbers you can see down
here close to the bottom 65 to 74 and these are household numbers so it's kind of difficult to get
single numbers because most or i don't a lot of people are married and it's all combined so this
is the combined or single depends on your household and you can see average net worth
there's two different columns million sixty six thousand dollars and then median net worth
is 224 thousand dollars a significant difference between those two numbers so what is the
difference between average and median an average is really skewed because if you take an average of
across the board scenarios the ones at the very high end of that scenario are going to skew the
number much farther to the left because they are a much larger piece of the pie when it comes to
overall assets so that average number isn't really a number so you can feel a little bit better about
that but the median number is the number that's right in the middle so not taking into account
how much it's just right in the middle so that 224 thousand dollars and that's not a really
big number if you're about to retire at age 65. it's something we certainly hope we're ahead of
that and we certainly hope we have more than that to retire with but when you calculate in
what you're going to get from social security and then again whatever you have saved whether
it's in a retirement counter wherever it may be you need to figure out the best vehicle so that
it's going to be there you're not going to lose it for one but that it's going to have a guaranteed
monthly income for the rest of your life that is by far the biggest worry is outliving your money
so again stuff that i can help with and i'm happy to help with it you can just send me an email
or give me a phone call whether it's medicare or whether it's retirement and rolling over
it's it's not as complicated when you have somebody that knows what they're doing so
that's what i do every day and i'm happy to help i'm gonna give you a little information on my
website but just visit medicareonvideo.com tremendous amount of information there also
absolutely visit my youtube channel i have videos on all this stuff and then i'll give you some more
information on exactly what you can find on my website hope you found this helpful stay tuned
if you're getting ready to come into medicare whether you're turning 65 or you're about to
retire you know by now there's just a tremendous amount of information that you need to understand
and it can be very complicated so that's what i do is i try to take the complication out of going
into medicare so if you visit medicareonvideo.com i have put just about everything you need to
understand right here on this website so the first thing you can do while you're here on the
home page is you can get a free quote for your medicare supplement plan in your zip code just
put in your basic information and we will email you the best plan at the best price in your zip
code now you can also just hover over the menu bar and you'll see it'll drop down and it has topics
on just about every piece of medicare that you need to understand whether it's the functionality
of medicare or whether it's actual medicare supplement plans you can find it all right here
on medicare on video i've put a tremendous amount of time to put everything in a place where i try
to make it easy for you to understand so you'll see it's kind of lighter reading on the side and
gives you a pretty good overview of exactly what you have and you also find videos on every page
explaining what things mean so i find it makes it much easier for people to see it on video so that
way they understand it and then by all means visit my youtube page you can get to my youtube page by
going to keithsvideos.com takes you right to my home page you can find any video if you search on
a little magnifying glass for what you're looking for it'll bring up videos in that topic category
so hope you find all this helpful i certainly hope you'll allow me to help you with your medicare
and i'll make sure we get all your pieces in the right places have a fantastic day