She’s had over 200 jobs in her impressive seven-decade career – taking up everything from nursing and farming to even running for President.
But at 64, Barbie is at the average age most Americans start withdrawing from their 401(K)s. And with so many pots to consolidate, it is no small feat.
Experts reckon the unmarried, childless doll should have around $3.5 million stashed away – assuming she has been making the maximum possible contributions since the retirement scheme was brought in in 1978.
The figure also assumes she made the most of catch-up contributions which allow workers over the age of 50 to add up to $7,500 to their 401(K)s each year.
As Barbie-mania takes over thanks to Margot Robbie’s $85 million blockbuster, Dailymail.com takes a look back at Barbie’s illustrious career – and how it’s earnt her such a retirement fortune.
Barbie burst onto the scene in 1959, making her 64 now – the age at which most Americans start to withdraw into their 401(K)s
Experts reckon the unmarried, childless doll should have around $3.5 million stashed away – assuming she has been making the maximum possible contributions since the retirement scheme was brought in in 1978. Pictured: a 1960s nurse barbie compared to a robotics engineer barbie in the 2010s
Career highlights
Barbie burst into the world in 1959 dressed in just a black and white swimsuit. At the time she was billed as a ‘teenage fashion model.’
Just three years earlier in 1956, American beauty Suzy Parker became the first model to earn $100,000 per year – or around $1 million in today’s money. No doubt at the top of her game, it’s safe to assume Barbie netted a similar sum.
In the 1960s she upscaled into a fashion designer, flight attendant and later a nurse. According to data from the Federal Reserve of St Louis, a registered nurse in 1965 was earning just $2.88 an hour.
As she moved into the 1970s, Barbie again traded careers becoming a surgeon and even returning to her origins as a model. Perhaps her most famous career that decade though was as an Olympic gold-medal winning figure skater.
She was likely inspired by US figure skater Janet Lynn who took home the bronze model in the 1972 Olympics. A year later, Lynn signed a three-year contract worth $1.46 million – or around $400,000 a year.
A decade later, a ‘rock star’ Barbie – complete with electric guitar – hit the scene. She was inspired by the likes of Madonna and Cyndi Lauper. Today, those two stars have a net worth of $850 million and $50 million respectively.
In the 1990s, she became a ‘business executive’ – in the same era America’s CEOs were earning on average $2.2 million.
By the time the noughties rolled around, Barbie was onto a new venture, taking up the role of a TV chef inspired by the likes of Rachel Ray and Martha Stewart. In 2008, Ray was raking $18 million a year – according to Forbes.
Barbie then transitioned into a robotics engineer and scientist in the 2010s and 2020s respectively. Today, these careers can expect to earn somebody $94,000 and $96,000 a year, Indeed figures show.
An Olympic figure skating Barbie was born in the 1970s, left, followed by a ‘rock star’ 80s Barbie, right
What’s in Barbie’s 401(K)?
When Barbie was born in 1959, the 401(K) did not exist. In fact, for much of her first few years working, Americans barely saved into any retirement schemes.
In the 1950s, only around 25 percent of private worker – or 10 million – contributed to a pension, according to financial planning website Due.
But certified financial planner Andrew Latham, who acts as a content director at Super Money, estimates Barbie will have quickly caught up.
He told Dailymail.com: ‘We can safely assume that she’s made the maximum allowable 401(k) contributions since the program started in 1978 and took advantage of catch-up contributions when she hit 50.
‘Barbie is a finance superstar and invested her 401(k) in a diversified portfolio that has provided an average annual return of 7 percent.
‘Now, at 64 years old and still as fabulous as ever, her 401(k) account balance stands at around $3.5 million.’
Americans are bound by a maximum amount they can pay into their 401(K)s though this varies depending on the year.
In the noughties, she became a TV chef, inspired by the likes of Martha Stewart and Rachel Ray. Ray earned $18 million a year by 2008
For example, in 2023, workers can contribute $22,500 a year to their retirement plan. This is an increase on $20,500 in 2022.
However when the scheme first launched in 1978, workers were entitled to save as much as $45,475.
But workers over the age of 50 are also entitled to make ‘catch-up contributions.’ These can be as much as $7,500 a year – up to a total cap of $30,000.
From next year, these rules are changing meaning ‘catch-up contributions’ must be put into a Roth IRA rather than a standard 401(K).
What should she do now?
With so many different 401(K) pots, Barbie faces an uphill struggle trying to consolidate them all.
Rita Assaf, vice president of retirement products at Fidelity Investments, said: ‘When you leave an employer, you have a few options for your old 401(k): Keep it with your old employer, roll over the money into an IRA, roll over into a new employer’s plan, or cash out.
‘Depending on what Barbie did after leaving each of her 200 jobs, she may have assets in 401(k)s from various employers, as well as a few Rollover IRAs.’
Assaf recommends she consult a financial planner to work out exactly how to take control of her nest egg.
There are also a host of tax pitfalls she needs to be aware of. These include Required Minimum Distributions (RMDs) – which dictate how much a saver has to withdraw each year once they reach the age of 73.
‘She should consider how this will impact her overall income and taxes at that point, and consult with a tax professional to understand how these distributions may impact her tax bracket,’ Assaf said.
What’s more, Barbie now faces the decision of whether to start taking Social Security payments.
A 2022 ‘scientist’ Barbie, left, could expect to earn around $94,000 a year while a ‘business executive Barbie was born in the 1990s, right – when American CEOs were making $2.2 million a year
Barbie mania has taken over the US this summer thanks to the blockbuster film starring Margot Robbie, pictured
Americans are able to start claiming Social Security anywhere between the age of 62 and 70. However, the longer they stave off this decision, the more they benefit.
This is because the Internal Revenue Service (IRS) grants retirees additional ‘delayed retirement credits’ for each money they delay filing.
Much of this decision also hinges on somebody’s ‘full retirement age’ which is set by the year they’re born.
Those aged born between 1959 – like Barbie – have a ‘full retirement age’ of 66 and 10 months. This is the age at which they are entitled to their maximum Social Security payments.
They can ask for payments beforehand but this will trigger a deduction. For example, somebody born in 1960 who starts receiving the benefit will only be eligible for 70 percent of it. This increases to 75 percent when they hit 63, 80 percent when they hit 64 and 86.67 percent when they’re 65. They will only receive the full benefit by aged 67.
But for every year they delay taking the benefit, they add to its value. For example, if somebody born in 1960 waits until they are 70 to claim Social Security they will receive 124 percent of the standard payment. In 2023, the average benefit is $15,189 a year.
Financial planner Marissa Reale said: ‘Barbie doesn’t need the money, she should hold off taking Social Security until she’s 70 to get the full benefit.’
