Retirement Retirement Planning

Here's The Average Retirement Savings of 79-Year-Old Americans (How Do You Compare?)

It's still possible to boost your bottom line well into your golden years.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Aug. 26, 2026

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Most people who reach the age of 79 are well into their golden years. They likely are satisfied with their retirement plan and feel confident it is working.

However, even the most contented retirees may occasionally feel some nagging doubts about whether they have saved enough.

Find out how much the average 79-year-old has saved and how you stack up. Then, learn more about how to save money in retirement if you are worried your nest egg is too small.

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What is the average retirement savings of a 79-year-old?

The average retirement savings of someone who is 75 or older is $462,410, according to the most recent data from the Federal Reserve on average retirement accounts by age.

Many people in this age group have built a large nest egg over many decades. However, by age 79, they also have likely spent down a fair amount of their savings.

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What is the median retirement savings of a 79-year-old?

The median retirement savings of those who are 79 is just $130,000. Unlike the average, this is a number that hardly suggests vast amounts of riches.

Clearly, the median is much smaller than the average. But why is that true?

Why the median differs from the average

When looking at retirement savings, there is a huge difference between the average and the median.

To find the average, you combine the retirement accounts of all people who are 79 and divide that total by the number of people in that age group.

That means this calculation includes the very richest people in America who are 79. People with accounts in the millions and even billions of dollars distort the average by making it much higher.

To illustrate, if one person has retirement savings of $500 million and a second person has $500, the "average" retirement savings for those two folks is $250,000,250.

On the other hand, the median is the exact midpoint among all people who are 79 in America. That means half of people who are 79 have retirement savings higher than the median, and half have savings that are lower.

So, the median is likely more representative of the retirement savings of a typical 79-year-old.

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What these numbers mean for you

Before you reach any conclusions about these numbers, it's important to keep a couple of things in mind.

For starters, by definition, the Federal Reserve's category of "75 and older" includes a lot of people. This group might range from those who are 75 to others who are 100 or older.

So, it is important to understand that someone who is 79 might have more or less than the amount suggested by the Fed's data.

In addition, those who are 79 likely are well into both retirement and the process of spending down their nest egg. In that light, it makes sense that they have less money than the age cohort immediately preceding them, which is folks who are between the ages of 65 and 74.

Among those who are between the ages of 65 and 74, the average retirement accounts figure is $609,230, and the median is $200,000.

Why you should not panic if your number is lower than the average and median

If you are 79 and have less than the average or median in your nest egg for your age group, it doesn't necessarily mean anything is wrong.

For starters, these numbers do not include other potential sources of retirement income such as Social Security, home equity, and pensions.

In addition, everyone's financial needs are different. Perhaps you live in an area of the country where the cost of living is exceptionally low. Or maybe you are just frugal to your bones and don't need much to get by.

Ways to boost your retirement savings

In short, there is no one-size-fits-all answer to the question of how much you should have in your nest egg at the age of 79.

Keep in mind that at this point in life, the priority moves from accumulating money to simply making savings last.

Carefully managing the pace of your withdrawals, planning in advance for potential health care costs, and preserving income for a surviving spouse are all steps that can help you stretch retirement dollars.

However, if you are struggling to meet financial wants and needs, there are ways to boost retirement savings substantially. They include the following.

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Adjust your spending

The reality for most people is that their income in retirement is much lower than it was during their working years.

Given this truth, it might be wise to ratchet down spending now that you no longer can count on a regular paycheck.

Make tax-efficient withdrawals

A little planning can help ensure you make withdrawals from savings in the most tax-efficient manner possible. Doing so keeps more money out of the hands of Uncle Sam and your state government.

To do this well, consider turning to the expertise of a financial advisor, a tax professional or both.

Talk to a financial advisor

You might also want to speak with a financial advisor about the bigger picture of your retirement finances. This type of professional can suggest many ways to improve your bottom line.

Few of us are experts in financial and tax matters, and the savings you accumulate might more than outweigh the cost when you hire the right financial advisor.

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Bottom line

Once you retire, much of your monthly income suddenly disappears. That can make it difficult to withstand economic downturns or simply overcome the occasional financial emergency.

Many folks who are 79 are well into retirement and are comfortable with their retirement savings. But if you are not in this lucky group, know that there are things you can do to turn around your financial fortunes, starting today.

FAQs

What expenses should a 79-year-old plan for?

In addition to everyday costs such as housing, food, and utilities, retirees may want to budget for health care, home maintenance, transportation, and unexpected emergencies. Potential long-term care expenses can also be an important consideration later in retirement.

How can I make my retirement money last longer?

Reducing discretionary spending, reviewing recurring expenses, and developing a sustainable withdrawal strategy can help savings last. Retirees may also benefit from periodically reviewing investments, taxes, and their overall financial plan as their circumstances change.

How often should I review my retirement plan?

A retirement plan is worth reviewing at least periodically and whenever there is a major change in finances, health, housing, or family circumstances. A review can help determine whether current spending and withdrawals remain sustainable and whether adjustments are needed.

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