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10 Signs You’re Doing Well Financially When You’re Over 75

Look for these telltale signs that indicate financial security during your golden years.

senior couple on bench at park
Updated Sept. 24, 2024
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As you age, it’s essential to assess your retirement readiness and see where you stand financially. You want to be secure by the time you reach age 75.

But how will you know if you are doing well once you actually celebrate your 75th birthday? If you're already there — or if you are approaching it — look for the following signs that indicate you are doing well financially.

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You've eliminated debt

fizkes/Adobe senior woman calculating utility bills

Being debt-free is a hallmark of financial stability, especially after age 75. Eliminating financial burdens, such as mortgage, credit card, or personal loan debt, is crucial.

Living without debt means you can allocate resources toward more rewarding pursuits, such as travel, hobbies, or spending time with family. It also alleviates stress. So, try to crush your debt and improve your financial health as soon as possible.

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You still have a large net worth

gstockstudio/Adobe senior couple using laptop at home

One of the most telling signs of financial success in your 70s is maintaining a significant net worth. Your net worth is the sum of all your assets — such as home equity, investments, and savings — minus your liabilities, including debts.

According to data released earlier this year by the Federal Reserve, the median net worth of people 75 and older in the U.S. is $254,800. If you are at or above that number, you are doing well financially compared to your peers.

You have a solid emergency fund

saksit/Adobe happy asian senior couple

An emergency fund acts as a financial safety net, providing peace of mind in case of unexpected events that generate big bills.

Medical emergencies, home repairs, or sudden changes in living circumstances can all require quick access to cash. Having a robust emergency fund means you're well-prepared to face life's uncertainties without jeopardizing your financial security.

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You have a plan for long-term care

Drazen/Adobe senior couple doing medical insurance paperwork

As you age, you might need assistance with your daily routine. Having a plan for long-term care ensures that you'll be prepared as medical needs arise.

By planning for long-term care, you're not only securing your well-being but also alleviating the potential financial burden on your family. Comprehensive long-term care planning might involve turning to insurance policies, savings strategies, and other tools.

You have updated financial plans

Charlize D/peopleimages.com/Adobe senior woman signing documents

Staying financially healthy means adapting to changing circumstances and revisiting your financial plans regularly.

Whether you adjust your budget, reallocate investments, or reassess your spending habits, keeping your financial plans current is an important sign of fiscal responsibility. 

By being proactive, you can maintain financial stability and ensure your resources align with your goals and aspirations.

You have an estate plan

Rawpixel.com/Adobe senior couple reviewing retirement plan together

An estate plan ensures your assets are distributed according to your wishes after death. It helps you secure your legacy and provide for loved ones.

A good estate plan might include a will and other legal documents that clearly outline your intentions. A well-crafted estate plan can minimize legal headaches and reduce taxes for your beneficiaries.

You feel financially independent

insta_photos/Adobe senior female executive

Financial independence is the freedom to live without relying on others for financial support. Achieving this independence requires you to have enough savings and other assets to cover your needs and desires.

This sense of autonomy is a significant achievement and often stems from years of diligent saving, investing, and financial planning.

You have a good credit score

pikselstock/Adobe senior couple using laptop at home

A good credit score is not just for the young but remains important throughout your life. It reflects your creditworthiness and can impact your ability to access loans or credit.

Maintaining an excellent credit score of 800 or higher indicates responsible financial behavior, such as timely bill payments and effective debt management. It also gives you financial flexibility and better access to favorable terms if you decide to borrow money.

You're able to be generous

NDABCREATIVITY/Adobe senior couple moving in new home

Being able to give back to others or support charitable causes without financial strain is a sign of financial well-being.

Whether it's helping family members, supporting community projects, or donating to causes you care about, your ability to be generous suggests financial stability and a surplus of resources. 

This generosity not only benefits those you help but also enhances your sense of purpose and fulfillment.

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You feel great about your retirement plan

N Lawrenson/peopleimages.com/Adobe senior couple drinking coffee in kitchen

Confidence in your retirement plan is a clear indicator of financial success. If you feel secure and optimistic about your retirement strategy, it likely means that you have carefully planned your financial goals and reached them.

A solid retirement plan includes having a sustainable income stream, diversified investments, minimal or no debt, and the ability to maintain your desired lifestyle and lower your financial stress.

Bottom line

Vorda Berge/Adobe senior couple using a smartphone

While everyone’s financial situation is unique, these indicators serve as benchmarks to gauge your fiscal health and guide your future decisions.

As you reflect on your financial status, consider areas where you might improve or adjust to enhance your security and fulfillment in retirement. 

By making thoughtful financial decisions and planning for the future, you can continue to build wealth during your golden years.

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