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Here's How Much Money The Average 60-Year-Old Has Invested (How Do You Compare?)

Find out how your retirement savings compare to other 60-year-olds.

By Sarah Sharkey

Edited by Lisa Dammeyer

Updated March 18, 2026

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As you reach your 60s, retirement is no longer on the distant horizon. For most, the hope is to retire by 65, if not sooner. But amassing a nest egg large enough to cover the substantial costs associated with retirement isn't easy.

If you want to see where you stand financially, this guide can help you find out how your savings stack up against those of the average 60-year-old.

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The average investments of a 60-year-old

Individuals between the ages of 55 and 64 have an average of $537,560 in retirement savings, according to the Federal Reserve Survey of Consumer Finances' latest data. Notably, the same age group had a median retirement savings amount of $185,000.

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Why the median might paint a different picture

You might be wondering why the median looks so different from the average. That's because the average incorporates both the high-end outliers, which pull the number up. In contrast, the median lands directly in the middle of the pack, often making it a more representative reflection of reality.

In other words, most 60-year-olds likely have a retirement savings stash closer to $185,000.

The accounts that 60-year-olds have

Most 60-year-olds don't hold all their funds exclusively in retirement accounts. In addition to funds in dedicated retirement accounts, many 60-year-olds hold funds in other areas. A few include:

A median of $25,000 in certificates of deposit.
A median of $3,000 in savings bonds.
A median of $350,000 of home equity in a primary residence.
A median of $8,000 of cash in transactional accounts, like checking and savings accounts.

Feel behind? Here's how to catch up

While comparing your account balances to the averages might feel productive, it could end up making you feel further ahead or behind than you really are. Remember, everyone's financial situation is different. It's important to consider how much you'll need for retirement before panicking about feeling behind.

If you decide you're behind after running the numbers on your situation, the good news is that you have time to change course. Here's how to catch up.

Bump up your retirement contributions

If you feel behind, the best way to catch up is to increase the amount you contribute to retirement savings accounts. Start by looking into any employer-match opportunities. If you haven't been taking full advantage of any matching contribution options, make it a priority to tap into that as soon as possible.

Also, if you're over 50, you can contribute an additional $1,100 to your IRA each year and an extra $11,250 to your 401(k). The more you contribute, the better you'll set yourself up for retirement.

Consider increasing your income

It's easier to sock away money for your approaching retirement if you earn more money. The simple math of earning more will likely allow you to save more. Some possible income streams include selling crafts, picking up a part-time job, driving for Uber, or delivering groceries.

If you tap into an extra income stream, funnel that newfound income directly into your retirement nest egg.

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Reevaluate your biggest expenses

Americans tend to spend the most on housing, transportation, and food. Cutting back in any of these key areas could help you save more for retirement.

For example, if you live in a large house with plenty of extra space and lots of home equity, choosing to downsize could help you put the remaining home equity to work in your retirement accounts. If you don't want to downsize, renting out rooms might help generate income to support you in retirement.

Cutting back on eating out or finding a more affordable car insurance company are other possible ways to save big.

Consider adjusting your retirement plans

When planning out your retirement, choosing to spend less is one way to make your nest egg go further. Consider looking for ways to spend less in retirement without giving up what makes you happiest. For example, if you are planning on relocating to a coastal town, choosing a more affordable location might be the right fit.

Consider delaying Social Security benefits

Although you can start taking Social Security benefits at age 62, your monthly benefit check will be reduced if you claim early. If possible, consider waiting until at least your full retirement age to tap into your full Social Security benefit amount. The difference could help your retirement cash flow significantly.

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Bottom line

Even if you've discovered that you have more saved than most, it might not be enough to support the retirement you have in mind. Run the numbers to confirm you have enough before taking your foot off the gas.

Regardless of where your finances sit today, it's never too late to push them in the right direction. For some future retirees, that might look like starting to invest more heavily or strategically paying off debt to lower their expenses.

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