No Prizes for Dying With the Biggest Bank Balance
Let’s face it—there’s no medal waiting for you at the pearly gates that says “Most Money Left Unspent.” Yet up and down the U.S., especially among the wealthiest households, that’s exactly how too many retire: holding back, under-spending, and unintentionally ending up with estates far larger than they ever meant to leave.
So, who are these households? To be in the top 10% of U.S. households by net worth, you need over $1.6 million. And the median household in that upper decile—that rugged $3.8 million figure we tossed around? That’s the halfway point of that group and much more common figure in affluent areas like coastal communities of Florida.
By contrast, the overall median household net worth in the U.S. is right around $193,000—which means half of American households fall below that line. Precarious financial security in an expensive world.
Yeah, that gap is a doozy.
Now, for the retirees nestled comfortably with millions, caution still rules. Many stick to modest withdrawal rates and leave behind sizable estates—not out of frugality, but fear.
Cue the trusty 4% rule: withdraw around 4% of your portfolio annually, and your savings should last 30 years or more. On $3.8 million, that’s a cool $152,000 per year—before you’d even touch Social Security or pensions. Yet many withdraw just 2–3%, worried the financial sky might fall if they relax too much.
Here’s where I’ll push my luck—but please, don’t share this column with your grandchildren. (Ha ha.) Or if you must, share it with a warm hand at their side—literally or figuratively. Because the best legacy isn’t what you leave after you’re gone—it’s the joy you share while you’re here. A study-abroad surprise for your granddaughter, a home down-payment surprise for your grandson—that’s the kind of legacy that lingers.
Of course, this isn’t a license to throw caution to the wind. Prudence matters—plan for inflation, healthcare, long-term care, and maintain a buffer. But if your wealth levels you into the top 10%, chances are it’s doing more than just watching you tread water.
Down here in Florida, where home equity and retirement-friendly policies pair up nicely, I’ve seen folks finally claim that cruise, launch a scholarship, or just upscale everyday life. And you know what? They say the memories outshine any tidy estate number.
In summary:
- The top 10% threshold for net worth starts around $1.6 million, with the median of that group at ~$3.8 million .
- Meanwhile, the overall U.S. median net worth is about $193,000 .
- The 4% rule gives a sustainable spending pathway—but many err on the side of ultra-conservatism.
- The real win? A living legacy—shared experiences, thoughtful giving, and a life well lived—not a balance sheet passed down.
- So go ahead: live a little, give a little, and keep that grandkids’ note on ice (just in case laughter breaks out when they read it).
Here’s to living fully, wisely—and generously—while you’re here to enjoy it.
Evan R. Guido, Senior Wealth Advisor, is the Founder of Aksala Wealth Advisors LLC, a 2018 Forbes Top Next-Gen Advisors award recipient. Evan heads a team of financial strategists for clients who consider themselves the “Millionaire Next Door.” He can be reached at 941-500-5122 Aksala.com eguido@aksalawealth.com 6260 Lake Osprey Dr. Lakewood Ranch, FL 34240. Securities offered through Cetera Wealth Services, LLC member FINRA/SIPC. Advisory Services offered through Cetera Investment Advisers LLC, a registered investment adviser. Cetera is under separate ownership from any other named entity. The views and opinions presented in this article are those of Evan R. Guido and not of Cetera or its subsidiaries. These opinions are based on Evan’s observations and research and are not intended to predict or depict performance of any investment. These views are subject to change based on subsequent developments. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. These views should not be construed as a recommendation to buy or sell any securities and purely for education and entertainment. Past performance does not guarantee future results. The Top Next Gen list includes 250 rising advisors who help manage over $490 billion in client assets. Each advisor was nominated by their firm, then vetted and ranked by SHOOK Research. The rankings, developed by SHOOK Research, are based on an algorithm of qualitative criterion, mostly gained through telephone and in-person due diligence interviews, and quantitative data. Those advisors who are considered have a minimum of four years' experience and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass the highest standards of best practices. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings. Listing in this publication and/or award is not a guarantee of future investment success. This recognition should not be construed as an endorsement of the advisor by any client. No compensation was provided directly or indirectly by the recipient for participation or in connection with obtaining or using the third-party rating or award.