Retirement Retirement Planning

Average IRA Balance for Americans in Their 70s (How Do You Compare?)

A peer benchmark could help you see whether your IRA is doing the job you need it to do in retirement.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Oct. 12, 2026

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If you're in your 70s, your IRA can feel like both a comfort and a question mark. The balance is right there on the statement, but it isn't always obvious whether it's enough or if you're doing better financially than peers.

According to Kiplinger's reporting on Fidelity Investments' second-quarter 2026 data, the average IRA balance for Fidelity account holders age 70 and older was $361,710. Fidelity's overall IRA analysis covered 20.3 million accounts with balances.

For broader context, 2022 Federal Reserve survey data show median combined retirement-account balances of $200,000 for households ages 65 to 74 and $130,000 for households ages 75 and older that held retirement accounts. These household figures are not directly comparable with Fidelity's IRA benchmark.

Here's how to compare your own number, what the average leaves out, and how your IRA fits with Social Security, pensions, taxes, and required withdrawals.

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The benchmark

An IRA-specific benchmark offers a closer comparison than total household retirement savings. Kiplinger's table of Fidelity's second-quarter 2026 data reports an average IRA balance of $361,710 for account holders age 70 and older. Separately, 2022 Federal Reserve survey data show average combined retirement-account balances of $609,230 for households ages 65 to 74 and $462,410 for households ages 75 and older that held retirement accounts.

Those numbers likely tell you more than a broad retirement-savings average. In your 70s, an IRA often reflects decades of contributions, rollovers from workplace plans, investment returns, and withdrawals taken after retirement.

Still, this benchmark has a built-in limit. It reflects Fidelity IRA account holders age 70 and older with balances in the dataset, rather than all Americans in their 70s, and includes account holders in their 80s and beyond.

If you have little or no IRA money but have a pension, home equity, annuity income, or sizable taxable savings, the comparison could look worse than your full picture really is.

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Average versus median

The average is useful, but it can be a little flattering. A few very large IRA balances could lift the average above what many households actually have.

That's why the median matters. The Fidelity IRA figures reported by Kiplinger provide an average for account holders age 70 and older, but no corresponding median. For broader context, 2022 Federal Reserve survey data show median combined retirement-account balances of $200,000 for households ages 65 to 74 and $130,000 for households ages 75 and older that held retirement accounts.

If your IRA is below the average but near a broader median, you're probably closer to the pack than the headline number suggests. If your IRA is below both, look next at whether your income plan still covers your real bills.

Why balances differ

Two retirees with the same IRA balance can be in very different positions. One might depend heavily on that account for groceries, insurance premiums, and property taxes. Another might use it mostly as backup because Social Security and a pension cover most monthly expenses.

Rollovers also affect the comparison. If you moved money from a 401(k) or another workplace plan into an IRA, your balance could look high because the IRA now holds savings that originally came from several places.

Withdrawals matter too. If you've already spent down part of your IRA to bridge the gap between retirement and Social Security, your current balance might look low next to someone who delayed withdrawals. That gap has a clear explanation, not necessarily a planning mistake.

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Your income test

A benchmark tells you where you stand. Your spending tells you what you need.

A simple way to test the number is to look at your annual gap. Add up reliable income such as Social Security, pension payments, annuity payments, and part-time earnings. Then compare that with your yearly spending, including taxes, insurance, housing, medical costs, and family support.

If your IRA is the main source for filling that gap, the balance needs to last under real market conditions. If the gap is small, a below-average IRA could still work. If the gap is large, even an above-average IRA calls for a careful withdrawal plan.

This answers the bigger question behind the comparison. Being ahead or behind your peers matters less than whether your IRA supports your own cash flow without forcing you to sell investments at a bad time.

Tax pressure

Your IRA balance might not be fully yours to spend. Traditional IRA withdrawals are generally taxable as ordinary income, and that could affect how much lands in your checking account.

The IRS also applies required minimum distribution rules to many traditional IRA owners in their 70s. People born from 1951 through 1959 generally start required minimum distributions at age 73, while people born in 1960 or later generally start at age 75.

So many people in their 70s are either already taking RMDs or are close to them. Required withdrawals can raise taxable income, which could affect Medicare premiums or the taxable portion of Social Security for some households.

Contribution options

If you're still earning income in your 70s, you could still have room to add to an IRA, depending on eligibility rules and income limits. For 2026, people age 50 or older can contribute up to $8,600 across their traditional and Roth IRAs combined, including a $1,100 catch-up contribution, or their eligible taxable compensation if that amount is lower.

That doesn't mean everyone in their 70s should contribute. Taking RMDs does not prevent an otherwise eligible person from contributing to an IRA, but contributions do not satisfy the RMD requirement. Whether a traditional IRA contribution is deductible depends on income and workplace retirement-plan coverage.

A Roth IRA may be worth asking a tax professional about if you have earned income and qualify. Roth IRA withdrawals may be tax-free if the rules are met, and Roth IRAs don't have lifetime RMDs for the original owner under current rules.

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Your next move

If your IRA is above the average, the next step is protection. A bigger balance can offer flexibility, but it also raises the stakes around taxes, investment risk, beneficiary choices, and withdrawal timing.

If your IRA is below the average, focus on income strength instead of scoreboard panic. Spending trims, part-time work, and tax planning might matter more than chasing a particular balance. Delaying Social Security retirement benefits beyond age 70 does not earn additional delayed retirement credits.

Either way, review your IRA as part of the whole retirement-income system. The account alone doesn't tell you whether you're secure. The combination of income, expenses, taxes, health costs, and risk does.

Bottom line

The average IRA balance for Americans in their 70s is a useful gut check, but it isn't a final grade. Your number only matters in the context of the life it has to fund. It's never too late to start investing and saving.

Compare your balance with the average, then run the income test. If your IRA needs to cover a big yearly gap, consider getting tax and withdrawal guidance before RMDs or market swings make the decisions harder.

A smaller IRA could still work if your fixed income is strong. A larger IRA may still need careful handling. The goal is to make your money support the retirement you're actually living.

FAQs

Do I have to spend my required minimum distribution?

No. You must withdraw the required amount, but you can save or reinvest money you don't need for expenses in a taxable account. Traditional IRA distributions are generally taxable, and a required minimum distribution (RMD) cannot be rolled over into another tax-deferred retirement account.

Can I contribute to an IRA if I'm retired and no longer working?

You generally need eligible taxable compensation to make a regular IRA contribution. However, if you file jointly and your spouse has enough eligible compensation, you may qualify to contribute to your own IRA under spousal IRA rules. There's no upper age limit for traditional or Roth IRA contributions, although contribution limits and other eligibility requirements still apply.

How can I catch up if my IRA balance is low in my 70s?

Start by figuring out how much your IRA needs to cover after Social Security and other reliable income. Reducing recurring expenses or earning part-time income could help you withdraw less and preserve your savings. If you have eligible earned income, you may also be able to keep contributing to an IRA. Avoid taking on more investment risk just to reach the average; focus on making your savings support your needs.

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