Here’s the Average Net Worth of 70-Year-Old Americans (How Do You Compare?)

Planning for retirement is important, especially as you approach milestones such as your 70th birthday. Your net worth is a key indicator of how well you’ve prepared to enjoy your golden years.

So, how does your financial situation stack up against your peers? Learn about the average net worth of 70-year-old Americans, how to calculate your own bottom line, and practical steps to enhance your financial standing.

The average net worth of individuals in their 70s is $1,617,721, while the median net worth is $367,231, according to data from Empower, a financial services company.

The average is significantly higher than the median because it includes wealthy individuals whose fortunes skew the numbers upward.

On the other hand, the median offers a clearer picture of the typical retiree’s financial situation, as it represents the midpoint. That means half of people have a net worth above that number, and half below.

These figures only tell part of the story. A recent AARP survey found that 20% of Americans over age 50 have no retirement savings at all.

This stark reality underscores the need to build a financial cushion and boost your financial fitness, regardless of your starting point.

Net worth is calculated by subtracting your liabilities from your assets.

Assets include everything you own, such as real estate, retirement accounts, vehicles, and personal belongings. Liabilities include debts such as mortgages, credit card balances, and loans.

For example, if you own a home worth $300,000 but still owe $100,000 on the mortgage, your equity contributes $200,000 to your net worth.

Understanding this calculation can help you identify areas for improvement, such as paying off debt or growing your assets through investments.

If your net worth is above the median of $367,231, you’re in a stronger financial position than many of your peers. If it’s below, it’s probably time to evaluate your retirement strategy.

Whether you’re ahead or playing catch-up, focusing on actionable steps can make a significant difference in your financial future.

The following tips can help you boost savings and improve financial security, even if you are in 70 and already retired.

Delaying retirement or taking on part-time work can provide a steady income stream that allows your savings to grow.

Many retirees may find satisfaction in flexible roles that align with their interests. Websites such as AARP offer resources to find suitable opportunities.

A financial advisor can help you assess your current financial standing and create a personalized plan to maximize retirement savings.

This type of profession can offer advice on investments, tax strategies, and how to stretch your resources effectively.

Carrying debt into retirement can deplete your savings quickly. Prioritize paying off high-interest debts, such as credit cards, to free up more money for living expenses.

Refinancing or consolidating loans may also reduce monthly costs.

Homeowners can use a reverse mortgage to convert a portion of their home’s equity into income.

This option is particularly helpful for retirees who are house-rich but cash-poor. However, it’s essential to consult a professional to understand the long-term implications of using this approach.

If you’re still employed, take advantage of catch-up contributions to your 401(k) or IRA.

For 2025, you can contribute $23,500 to a 401(k), plus a $7,500 catch-up contribution for those 50 and older. For IRAs, the contribution limit is $7,000 and the catch-up contribution for those 50 and older is $1,000.

Higher contributions enable you to save more aggressively as you near retirement.

Reducing discretionary expenses can help you preserve more of your retirement savings.

Analyze your monthly budget to identify and eliminate nonessential costs, such as dining out or subscription services. Then, redirect those funds into savings or investments.

Traveling during off-peak seasons can significantly reduce vacation costs while still allowing you to enjoy memorable experiences.

Look for senior discounts, package deals, or last-minute offers that make travel more affordable.

Membership organizations such as AARP provide access to discounts on insurance, travel, and other products and services.

These savings can add up over time, helping you stretch retirement dollars further.

Moving to a smaller, less expensive home can reduce maintenance, utility, and tax costs while freeing up equity that bolsters retirement savings.

Downsizing also simplifies your lifestyle, making it easier to manage expenses.

Emergencies can happen at any age and at any time. So, aim to have at least three to six months’ worth of living expenses tucked away in a liquid, easily accessible account.

This cushion can prevent you from dipping into long-term savings during unexpected events such as a car repair or a surprise medical bill. An emergency fund offers a great way to make sure you get ahead financially — and stay there.

Knowing where you stand compared to peers is a helpful step in planning for a secure future. Whether your net worth is above or below the average, there are actionable strategies you can take to boost retirement savings.

Take stock of your current situation and ask yourself: What steps can I take today to ensure a stress-free retirement tomorrow?