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Piggy bank

Over the past two weeks we’ve highlighted a bulletin from the Board of Governors of the Federal Reserve System which reported that mean and median incomes of families grew between 2013 and 2016, after adjusting for inflation.

Households in which the head of household was 75 years or older experienced the largest gains in median (middle point) and mean (average) net worth when compared to other age groups.

What was the median net worth for families in which the household head was 75 or older in 2016?

A. $264,800

B. $354,900

C. $162,500

D. $200,800

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What was the mean net worth for families in which the household head was 75 or older 2016?

A. $692,100

B. $1,067,000

C. $825,000

D. $402,700

Answers: A and B. Between 2013 and 2016 inflation-adjusted median net worth for families in which the head of household was 75 years or older grew by 32 percent, from $200,800 to $264,800. The inflation-adjusted mean net worth for families in this category grew by an astounding 60 percent over the same period, from $665,300 to $1,067,000. In comparison, the median net worth for all families was $97,300 in 2016, and the mean net worth was $692,100.

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— Kristin Runge, UW-Extension; kristin.runge@ces.uwex.edu; Twitter @RungeKristin

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