How wealthy are you?

Like most people, you probably would do some math before answering this question. You would add up the money in your bank accounts, the value of your investments and any equity in a home you own, then subtract your debts, such as mortgages and car loans.

But many economists believe this approach, known as calculating your net worth, leaves out a big chunk of your wealth: the benefits you’ll get in the future from Social Security, if you live in the United States, or similar government benefits programs that help retirees pay their bills in other countries.

As a sociologist who studies income and wealth inequality, I wanted to figure out just how much government safety net programs are worth to their recipients, and whether they truly can substitute for private savings.

A team of researchers recently estimated that future Social Security payments amounted to more than US$40 trillion as of 2019 – about $123,000 for everyone in the U.S. That huge number, which is not adjusted for inflation, was nearly one-third of the $110 trillion of Americans’ collective net worth in that year.

In a recent peer-reviewed study, published in April 2025 in Socio-Economic Review, I found that even this expanded definition of wealth leaves some important things out: unemployment insurance, the child tax credit and other widely available benefits. People who have access to these programs don’t have to dip into their savings as much when unexpected costs come up.

Social Security is by far the largest of these programs. As of 2019, the typical worker nearing retirement had banked about $412,000 in future Social Security benefits, I........

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