Here's How Much Money The Average 65-Year-Old Has Invested (How Do You Compare?)

At 65, retirement is no longer a distant dream. It's real. But if you're worried about whether you've saved enough to live comfortably, you're not alone. See how your retirement savings stack up compared to the average 65-year-old American's. 

Learn more about how much others in your age group have saved and discover how you can maximize your investments as you draw closer to the end of your career.

The average retirement savings for 65-year-olds

According to the Federal Reserve's 2022 Survey of Consumer Finances, the most recent SCF data available, households ages 65 to 74 with retirement accounts had an average of $609,230 saved. The median was $200,000, meaning half of these households had more than $200,000 and half had less.

Median vs. mean: what's the difference?

Why are the two numbers so different? Since averages incorporate extreme lows as well as extreme highs, a handful of high-earning 65-year-olds can drive up the number. The median of $200,000 is probably more representative of the amount most 65-year-olds have in retirement savings.

How to boost your retirement savings

If you're anxious about how your retirement savings compare to the average 65-year-old, try not to worry. You do still have time to save. There are plenty of strategies you can employ to get your savings account where it needs to be for you to enjoy a comfortable retirement. We list some of the most crucial steps below.

Consider delaying Social Security benefits

You can start taking Social Security at 62, but your monthly checks will be permanently reduced based on how early you claim. Delaying past full retirement age earns credits that boost your benefits, and waiting until 70 gives you the highest monthly payout to supplement your savings.

Consider reallocating your investments

Your investment portfolio should reflect your age. As you get older, making more conservative investments can ensure you don't lose money you can't afford to lose on risky investments.

A retirement planner or financial advisor can review your portfolio and advise you on whether your investments align with your age, identifying any necessary adjustments.

Think about an extra job

Nothing will boost your savings ability faster than finding an additional source of income you can funnel entirely into a retirement savings account.

Something as small as driving for Uber on your daily commute can add up quickly when you're putting every cent you make into a high-yield savings account or investing it with your IRA.

Make the most of age-specific catch-up contributions

For 2026, the IRA contribution limit is $7,500, with an additional $1,100 catch-up if you're 50 or older, for a total of $8,600. For 401(k) plans, the limit is $24,500 plus an $8,000 catch-up for those 50 and older, for a total of $32,500.

Save money wherever possible

Now that you're nearing retirement, every penny saved matters. Review your monthly budget and decide which subscriptions you can live without. Brainstorm ways to cut down on your energy and transportation costs. You might even consider downsizing now instead of waiting for retirement to eliminate some money stress. 

The more money you can tuck away now, the happier you'll be when you're able to spend it in a few years.

Bottom line

Depending on how well you've prepared for retirement, you may be able to retire earlier than you think. But even if you've surpassed the median savings account balance for people your age, try not to get too complacent.

Continuing to grow your investment accounts could help ensure you leave the workforce with a tidy nest egg that lasts the rest of your life.

This article is for informational purposes only and should not be considered investment advice.

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