The Average 70-Year-Old Has This Much Money Invested (How Do You Compare?)

Whether you retired before your 70th birthday or not, this decade likely marks a shift in focus from accumulating enough money to retire to avoiding wasting money in retirement and ensuring your savings last.

Ideally, you've either saved enough by now to retire or you're getting close to that benchmark, but the exact amount you should save can be hard to pin down.

Below, we'll walk you through how much money the average American your age has invested in savings, then discuss steps you can take to boost your own retirement savings account.

According to data from the financial services company Northwestern Mutual, the average 70-year-old American has $113,900 in savings. Data from the Federal Reserve is a little higher, showing that Americans between the ages of 65 and 74 have a median amount of $200,000 saved, while individuals 75 or older have saved a median amount of $130,000.

Per Northwestern Mutual, most 70-year-olds felt they needed far more money than they'd already saved to retire — almost 10 times as much, in fact. However, the exact amount of money you need to retire depends a lot on your individual circumstances, from the cost of living where you live to your retirement expenses.

Ideally, according to the professionals at Fidelity, you'll have saved at least 10 times your average annual salary by age 67. For most people, that means even $200,000 could be too low for a truly comfortable retirement.

If you recently turned 70 and are stressed about falling behind on retirement savings, don't fret. Even if you've already left the workforce, you can still employ a variety of strategies to boost your savings and improve your financial situation, starting with these:

• Consider looking for part-time work if you've already retired or staying in the workforce a little longer if you're nearing your preferred retirement age. Maintaining a stable source of income can help you continue to save while still covering your daily expenses.
• Spend several hours seriously reviewing your budget. Cut out any unnecessary expenses and put that money into a savings account instead.
• If the cost of living in your area is too high, moving to a cheaper region can help you stretch your retirement savings.

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Have you delayed receiving Social Security because you wanted to get the full benefit amount? Age 62 is when you can start receiving your benefit. However, delaying it until you turn 70 has its pros. Your benefit increases each year you delay, up to 8% per year when you postpone beyond your full retirement age.

If you're still part of the workforce, consider stashing your full Social Security check in a high-yield savings account to grow your bank account balance rapidly. On the other hand, if you're no longer employed and depend on your Social Security, you could supplement with passive income by investing in dividend stocks or renting your property.

If you haven't retired yet, age 70 is the perfect time to start thinking about when you want to retire, then setting strict financial goals to ensure that when you hit your retirement date, you have enough money to maintain your current quality of life.

Of course, retiring doesn't mean you won't have an income. At the very least, you'll have a monthly Social Security benefit. But make sure to weigh considerations like extra income, medical costs, your current and projected health, and your lifestyle goals (like vacationing with friends or living near family) when setting a retirement date for yourself.

The more you're earning at age 70, the more money you should be able to invest in savings. If you're at the end of a long career, hopefully your earning potential is the highest it's ever been, which means your savings potential is at least as high.

If you're already living on a reduced income, you won't have as many opportunities to save. Still, options like downsizing your home and taking on even a few hours of work a week should help you tuck away some cash.

Many folks spread their money across different accounts and assets for both stability and income. Along with checking and savings accounts for everyday expenses, you may still hold 401(k)s or IRAs that can provide steady income through withdrawals, as well as bonds, life insurance policies with cash value, or even rental real estate for additional income.

This is a good time to review the risks associated with investments like stocks versus safer options like bonds or CDs, ensure withdrawals are sustainable, and consider consolidating old accounts to simplify management. You may also want to talk with a financial advisor about required minimum distributions (RMDs), which begin at this stage, and strategies to stretch your savings throughout retirement.

You'll start making mandatory withdrawals from your retirement savings accounts this decade, but that doesn't mean you should stop adding to them. Along with maintaining stable investments with steady returns that can keep you afloat, consider growth investments and avoid getting too conservative with your portfolio. Otherwise, you risk running out of money too soon.

If you've saved more than enough money to retire comfortably, you're ahead of the curve, but make sure you aren't counting your chickens before they hatch. Continuing to save even while you spend some of your hard-earned savings is essential to living well for the rest of your life.

Take these steps to extend your savings' shelf life:

• Review your investment portfolio, preferably with an experienced retirement professional, to make sure your investments accurately mirror where you are in life.
• Continue to save some of your monthly income, whether from Social Security or a part-time side gig, to replenish your savings as you spend.
• Update your will, plan your estate, and make smart choices about power of attorney to make sure your financial wishes are respected for the rest of your life.

Having a solid savings account is probably the best thing you can do to set yourself up for retirement and make sure you have enough to cover expenses and emergencies.

No matter how large or small your bank account balance is, committing to continuing to save means you'll always have something to fall back on, whether you've already comfortably settled into retirement or you're still counting down the days until you get to leave the office for good.