Here’s the Average Net Worth of Americans in Their 60s (How Do You Compare?)

By the time you're in your 60s, you've likely accrued assets such as a 401(k), house, car, and other possessions. At the same time, you've probably built up some liabilities, such as credit card debt or a mortgage.

The total value of the assets you own minus the total amount of your debts is your net worth — and the higher your net worth, the better the odds that you'll be able to retire early.

But what is the average net worth of people your age? Keep reading to find out, and to learn about steps you can take to increase your net worth during this critical decade of your life.

The average net worth of a person in their 60s is $1,689,144, and the median net worth is $439,050, according to data collected by financial services company Empower,

An "average" is calculated by adding up the total value of everything in a given set and then dividing that number by the amount of items included in the set. 

Since the average includes extreme highs and lows, it isn't a great representation of how effectively the average person in their 60s has been able to build wealth.

The "median" presents a more accurate picture of how much many people have saved since it represents the halfway point between the highest and lowest numbers in a set. 

In this case, 50% of people in their 60s have a net worth of less than $439,050 while 50% have a higher net worth than $439,050.

No matter how close or far you are from the median (or average), remember that your precise age probably impacts your net worth. Naturally, if you're 61 or 62, you've had less time to accumulate assets than someone on the verge of turning 70.

While your net worth isn't the only number that determines whether you can retire or not, it's fair to say that the higher your net worth, the better prepared you are to retire.

Many Americans likely will conclude that the median net worth of $439,050 isn't necessarily high enough to support a comfortable retirement — especially since that number represents total assets, not just the number of dollars in your retirement savings account.

If you're worried about building your net worth, take steps now to shore up savings and grow your wealth. Here are 10 tips to keep in mind.

Adding an extra source of income is one of the fastest ways to increase your savings.

It can also free you to make more than the minimum payments on high-interest debts, which will save you money in the long run.

The quicker you can pay off your debts, the less money you'll need to spend on expensive interest payments.

Carrying debt into retirement is a good way to drain your savings. So, prioritizing getting rid of debt early on is a smart financial move.

If you're 65, you qualify for Medicare. That means you will need to sort through several options before choosing one.

A Medicare insurance broker can help you pick a Medicare plan that meets your needs and saves you the most money.

Starting at age 50, you can contribute more to your 401(k) than younger workers. People in this age group can contribute an extra $7,500 each year to their account.

Beginning in 2025, the catch-up contribution for those ages 60 to 63 is $11,250.

Save money by shopping at businesses in your area that offer senior discounts.

For instance, many Grocery Outlet stores give seniors 10% off on Tuesdays. Some Albertsons give seniors 10% off on the first Wednesday of the month.

If your home is too big for your current needs, consider selling it for a profit and moving into a smaller, more affordable home. A smaller home can also result in lower costs related to mortgage interest, taxes, utilities and insurance.

Make sure to read up on current mortgage rates and housing costs in your area before trying to move, however. In some cases, market volatility might make downsizing more costly than staying put.

You don't necessarily need to give up vacations entirely to increase your net worth, but traveling during the off-season can land you better hotel and airfare rates.

You'll also have the benefit of avoiding the biggest crowds.

While membership programs such as AARP or the Association of Mature American Citizens (AMAC) often cost you an upfront fee, using them correctly can save you money.

These organizations offer senior-specific discounts that might save you a bundle.

Loyalty programs at your favorite retailers often get you a reduced rate on purchases. Some grocery stores also offer rewards that net you discounts on fuel.

For the most part, loyalty programs don't cost anything to join. You just sign up to start saving.

Along with books, your local library probably also gives you access to movies, audiobooks, and free streaming services.

Depending on the library, you might also be able to check out assisted-living devices, passes to local attractions, electronic devices such as DVD players, and more. Borrowing instead of buying helps you get ahead financially.

The more money you can save while you're still in the workforce, the higher your net worth — and the better you can prepare for retirement.

Making the most of your pre-retirement years might require some scrimping and saving, but it will pay off down the road when you're enjoying the retirement of your dreams.