Here’s the minimum net worth you need to be considered ‘upper class’ in your 60s — and the magic step to get you there

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.

With a jaw-dropping $85 to $93 trillion in aggregate assets, America's Baby Boomers are the wealthiest generation in history, according to the Washington Post (1).

After multiple decades of appreciating home values and a surging stock market, it's easy to see why this cohort (currently aged between 62 and 80) has amassed such an impressive fortune.

Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

A record 45% of central banks plan to grow gold reserves — and many investors are following suit. Get your free gold IRA guide from Priority Gold

A single line on your car insurance policy could be inflating your premium by up to 30% — here's what to change

But the fortune isn't equally distributed.

In fact, about 53% of "peak boomers" — those who turn 65 between 2024 and 2030 — have less than $250,000 in assets, according to a study from the ALI Retirement Income Institute, a non-profit focused on retirement education, cited by CBS News (2).

In other words, there's an overlooked but stark wealth divide within this senior age group.

A significant majority are barely ready for retirement. This suggests that only the "upper class" of Americans in their 60s are on course for a luxurious — or at least comfortable — retirement.

Here's a closer look at how much wealth you would need to be part of this exclusive club of wealthy Boomers and one magic step that can get you there faster.

Based on the most recent data from the Federal Reserve Survey of Consumer Finances, as analyzed by the personal finance site DQYDJ (3), someone in their 60s would need at least seven figures in net worth to be considered above average. The average net worth of households led by someone this age is roughly $1.7 to $1.8 million.

The threshold is significantly higher for those in the top 10%.

You'll need at least $3 million to be part of this exclusive "upper class" of seniors. Simply put, if you're trying to break into the top tier of the wealthiest generation in history, you'll need to be a millionaire at least three times over.

The good news is that it isn't all or nothing; the closer you get to this elite club, the more comfortable your retirement is likely to be. And there's a magic step you can take to get there faster.