How to tell if you’re a poor, middle-class, or rich US boomer — and the big thing to do now if you’re way behind

The term "boomer" refers to individuals who were born during the baby boom following World War II. They are currently between the ages of 60 and 64, and they are widely regarded as the wealthiest generation in history. Collectively, they possess $77 trillion in assets, with the top 10% of boomers holding $54.67 trillion. To fall into this category, an individual would need a net worth of at least $3.04 million.

Middle-class boomers, on the other hand, would need a net worth comparable to the median net worth of their peers, which is approximately $432,200 as of 2024. Finally, the 25th percentile of baby boomers had less than $125,000 in assets. These figures highlight that most Americans, even when accounting for net worth, are far from the retirement savings target of $1.46 million as reported by Northwestern Mutual.

To bridge this gap, there are various strategies to build wealth without a regular income. However, it is crucial to consider factors such as taxes, debt, investments, and downsizing. Seeking professional financial advice can be beneficial in navigating these complexities. Services like Advisor.com offer free consultations to help individuals create a personalized wealth-building plan tailored to their specific financial goals and preferences.