Here’s the Average Net Worth of 80-Year-Old Americans (How Do You Compare?)

Once you reach your 80s, your financial concerns typically shift from accumulation and growth to preservation and legacy. You're now thinking about how your retirement savings stack up more than ever before.

You want to ensure you have the resources to live comfortably and handle any unexpected costs. A strong net worth can help you meet your goals. So, what should this figure be? Of course, it's different for everybody, but comparing your net worth to average figures is a helpful benchmark.

If you come up a little short, we've got eight tips to help boost your financial situation, even at age 80 and beyond.

According to the Federal Reserve's most recent Survey of Consumer Finances, the average net worth for Americans aged 75 or older is $1,624,100, with a median figure of $335,600.

Why is there such a big difference between the average and the median? The average is skewed by the inclusion of billionaires and the ultra-wealthy. A few individuals with immense fortunes can pull the average way up, making it a less realistic benchmark for most people.

The median, on the other hand, is the midpoint. This means that half of all households in this age group have a net worth of $335,600 or more, while the other half have less. For this reason, the median figure is a more accurate reflection of a typical 80-year-old's net worth.

To calculate your net worth, add up the total value of your assets, then subtract the total amount of your liabilities.

Assets include your savings, real estate such as your home, and valuables like your car or jewelry. Liabilities are essentially your debt — the balance on your mortgage, credit cards, and the like.

If your net worth is at or above the average or median, congratulations! You've done well with your finances and should feel pretty confident about retirement.

If you fall a bit short of your cohort, don't get discouraged. Too many people fall into the trap of thinking that, at their age, it's too late to tackle debt and build wealth.

The truth is that some financial practices remain evergreen. Here are eight steps you can take to improve your net worth at any age.

Credit card debt is a wealth-drainer at any age. With credit cards' exceedingly high interest rates, carrying a balance is a net worth killer. Prioritize paying off any credit card debt as quickly as possible.

This single step can free up a significant amount of cash flow and provide your financial health with an immediate boost.

Take a close look at your monthly bank and credit card statements. You might be paying for subscriptions you no longer use, streaming services you forgot about, or a cable TV bundle with a bunch of channels you have no interest in.

Cutting these small, recurring costs can add thousands of dollars to your net worth every year.

Retirement from your full-time career doesn't necessarily mean the end of work altogether. A low-stress part-time job can provide a valuable income stream while also offering social engagement and a sense of purpose.

Consider consulting in your former field or turning a hobby into a small business to make a natural transition.

If you're living in a house with more space than you need, renting out a spare bedroom can generate a considerable amount of monthly income.

Taking on a housemate can help cover your mortgage, property taxes, and other housing costs, significantly boosting your cash flow with an asset you already own.

One of the easiest ways to keep more money in your pocket is to take advantage of the many senior discounts businesses offer. These savings can add up over time — if you take advantage of them.

Don't be afraid to ask for discounts at the grocery store, restaurants, travel agencies, movie theaters, and other businesses.

Don't let your emergency fund or cash savings sit idle in a traditional account earning next to nothing. High-yield savings accounts offer better interest rates while keeping your money safe and accessible.

One of the key advantages of this strategy is its passive nature. All you have to do is deposit your cash and then let it work for you.

For many 80-year-olds, home equity is their largest asset. A reverse mortgage or a home equity line of credit (HELOC) can convert that equity into cash.

However, these are complex financial products with potential risks and long-term impacts — including leaving your heirs with debts to pay off. While there is value in using your equity to pay down high-interest debt, consult with a trusted financial advisor before considering a reverse mortgage or a HELOC.

Downsizing and decluttering can do more than just free up space. It can also pad your bank account by converting unwanted belongings into cash.

Consider selling your old furniture, collectibles, jewelry, or electronics on Facebook Marketplace or eBay, as these platforms can quickly connect you with interested buyers.

By the time you reach your 80s, you may have been retired for years. Decades of hard work and diligent savings, along with a few crafty investments, could have prepared you for a stress-free retirement. If your net worth is a little shy of the median, though, there are still ways to shape up your finances.

Or maybe you're not even thinking about retirement at all. Between 2015 and 2024, the number of Americans aged 65 and older who were still working increased by 33%. For many, staying in the workforce is a conscious choice rather than a financial requirement, as they continue to enjoy good health and a passion for their careers — and have more time to prepare for retirement.