Retirees are facing a new challenge: determining if they are “upper-middle class” or “wealthy” based on net worth, not income. Data from the U.S. Census Bureau divides households into quintiles to estimate class labels. For retirees aged 65-69, entering the upper-middle class means a net worth of around $550,000, while crossing into the upper class starts near $1.5 million. The top 5% of retirees, roughly the 95th percentile, have around $7 million in net worth. Home equity is a major factor in wealth accumulation, with homeowners having significantly higher net worth than renters. Lifestyle and spending habits also play a role in retirement comfort.

Read more at Yahoo Finance: Are You A Rich Retiree Or Just Upper-Middle Class? Here’s The Net Worth That Separates The Two