Generation Jones Reaches Retirement With $274,564 Median Net Worth as 18% Mortgages Curbed Wealth
Updated
Updated · Upworthy · Aug 12
Generation Jones Reaches Retirement With $274,564 Median Net Worth as 18% Mortgages Curbed Wealth
2 articles · Updated · Upworthy · Aug 12
Summary
$274,564 is the median net worth for Americans in their 60s in Generation Jones, far below the $1,577,907 average that is skewed by a smaller group of wealthy households.
Born from 1954 to 1965, Generation Jones entered the workforce during 1972-1983 stagflation, when unemployment had doubled from the conditions older Boomers faced in the 1964-1971 job market.
Housing compounded the gap: Gen Jones hit buying age as mortgage rates peaked at 18% in 1981, and similar homes cost about four times family income versus less than three times for older Boomers.
Retirement saving also shifted against them as pensions gave way to 401(k)s, moving risk to workers just as many Gen Jones households were squeezed by higher housing costs and weaker early earnings.
That left many in midlife more exposed to the 2008 financial crisis, arriving at retirement with reduced Social Security claims, less home equity and smaller 401(k) balances than older Boomers.