12 Signs You’re Managing Money Better Than the Average 70-Year-Old American

At age 70, you have likely either retired or are looking forward to it within a decade. After a lifetime spent planning for retirement, it’s time to see how well your efforts to build a nest egg have paid off.

But it’s hard to know how you’re doing financially simply by looking at the numbers in your bank account. How can you be sure you’re in a good fiscal spot at the start of this pivotal decade?

Comparing your money situation to that of other people your same age can give you a more well-rounded understanding of your own retirement readiness. Here are 12 metrics you can use to find out how well your finances stack up against your peers.

The typical person in their 70s has an average of $431,962 in their 401(k). The median 401(k) amount for the same age group is $106,654, according to the financial services and retirement planning company Empower.

An average is calculated by adding together every number in a data set, then dividing the total by the number of figures in the set. As a result, a few abnormally high 401(k) accounts can make it seem like the average American has far more in savings than they actually do.

Since the median is the middle number in a data set, it isn’t as affected by extreme outliers and can be a more accurate representation.

So, if you have at least $431,962 in your 401(k), you can rest assured that you’re doing far better than most others in your age group. But if you have $106,654 or more, you should feel pretty good about yourself too.

Also, remember that the Empower numbers relate to people from the ages of 70 to the age of 79. So, if you are in your early 70s, you have plenty of time to reach these numbers if you put your mind — and wallet — to it.

The average baby boomer has around $250,966 in their IRA, according to Fidelity Investments. Since the number is an average and not a median, it likely skews high.

Additionally, baby boomers are between the ages of 61 and 79 in 2025. That means that at age 70, you might have a little more — or less — saved than the number here.

The average person between 65 and 74 has around $609,000 in savings in all their retirement accounts, including IRAs, according to data from the Federal Reserve.

You might have less than that at age 70, and it’s important to remember that this is the average, not the median. That means the super-rich skew the number higher.

But if you’ve saved somewhere in this range among all of your retirement savings accounts, you’re doing well.

The average American older than 64 spends $4,973 a year on groceries, or $414 per month, according to data from the U.S. Bureau of Labor Statistics (BLS).

If you’re keeping food costs lower than that, pat yourself on the back for your frugality.

The median amount of money in the emergency savings funds of all Americans is around $600, according to Empower.

Many people have a lot less than that saved: Empower says 37% of Americans could not pay an unexpected bill of $400.

Keeping money in an emergency fund means you can pay unexpected bills without having to go into debt.

The Federal Reserve says the average 70-year-old American has $100,250 in their transaction accounts, including checking and savings accounts.

If you have more than that amount, you’re doing better than average.

Adults between the ages of 66 and 71 in the 50 biggest metro areas of the U.S. carry a median debt of $11,349, according to a survey conducted by LendingTree.

This does not include mortgage debt.

The average 70–year-old has $138,440 saved in certificates of deposit (CDs), the Federal Reserve says.

In addition, the average American this age has $39,310 stored in savings bonds.

In addition to paying out a death benefit to survivors, cash-value life insurance lets you build an accessible savings account during your lifetime.

A typical 70-year-old has an average of $55,530 in their cash-value life insurance account, according to the Federal Reserve.

Retirement-age individuals spend an average of $9,033 a year on transportation, or $752.75 per month, according to the BLS.

If you’re spending less than that on gas, car loans, insurance, and maintenance, you’re beating the average.

The average baby boomer has a mortgage balance of $198,203, credit-reporting agency Experian says.

If you’ve paid off more of your mortgage than that — or if you own your home outright — you can confidently say you’re excelling.

Around 85% of all U.S. households headed by individuals age 65 and older that have debt carry at least some credit card debt, according to the National Council on Aging (NCOA).

If you’re part of the minority, keep up the good work — a debt-free retirement is a great way to get ahead financially.

If you’ve met or exceeded the financial milestones listed here, congratulations — you have increased the odds that you are headed into a stress-free retirement.

If you haven’t reached all your financial goals yet, don’t worry: A financial advisor or retirement planner can help you decide where to go from here.