The Average Investment Portfolio of 68-Year-Olds (Are You On Track?)

Many people who reach the age of 68 are well into retirement and enjoying their golden years. Others may be just beginning their retirement or waiting until 70 to claim a larger Social Security check. Of course, post-work life is likely to be more enjoyable if you have a good-sized nest egg to provide for your wants and needs.

If you are 68, you may be wondering if you're on track for retirement. How does your investment portfolio stack up against the savings of your peers? Find out below, and then learn how to boost your financial fitness if you're feeling behind.

Average value of a 68-year-old's investment portfolio

Americans who are between the ages of 65 and 74 have an average net worth of $1.79 million, according to the Federal Reserve's 2022 Survey of Consumer Finances.

The Fed does offer net worth figures for those who are precisely 68, but it's reasonable to infer that the average net worth of folks this age is around that amount.

Keep in mind that this is the "average" net worth. The average is not always a great comparison tool, because those who are extremely wealthy skew the number much higher.

By contrast, the median net worth may be a better measure. The median net worth for those between the ages of 65 and 74 is $409,900.

What account types does a 68-year-old have?

People build their wealth in many different ways. Some retirees were business owners who are now living off the money they made as entrepreneurs. Others used real estate and rental income to build their net worth.

However, it's safe to say that retirement accounts represent a large percentage of the savings of the average retiree. Such accounts might include:

• 401(k), 403(b), and 457(b) accounts
• Traditional, Roth, SEP, and simple IRAs
• Health savings accounts (HSAs)

Why a mix of account types can boost your retirement

Having a mix of various types of retirement accounts can give you much greater financial flexibility during your golden years.

For example, if you have traditional 401(k) and IRA accounts, you will need to begin making required minimum distributions beginning at the age of 73. These forced withdrawals can sometimes push you into a higher tax bracket.

However, if you also have a Roth IRA or Roth 401(k) account, you can make withdrawals without having to pay any taxes. Thus, some retirees find that a mix of traditional and Roth withdrawals helps them to keep taxes lower.

Adding a health savings account to the mix can help you to pay for medical expenses in retirement in a tax-advantaged way. HSA withdrawals are tax-free if you use the money to pay for qualified medical expenses. You can even use HSA funds to pay for Medicare premiums.

Ways to save money and improve your net worth during retirement

If you are 68 and no longer work, there are still many ways to improve your financial standing.

You might start by creating a budget. This helps you to see where your money goes each month, providing a snapshot of your financial health.

Compare what you spend to your income from retirement accounts, Social Security, and other sources. Once you have a clear window into your spending, take the following steps to shore up your finances.

Reduce unnecessary expenses

It's easy to let monthly costs add up over time without realizing it.

Perhaps you have monthly subscriptions to magazines or streaming services that you never use. Or maybe you indulge in coffee and breakfast out three times a week when once will suffice.

Lowering these monthly expenses can help increase your savings. So, look over your budget and pull the weeds that are keeping your finances from blooming.

Eliminate debt

Eliminating debt is one of the best ways to boost your bottom line. The interest payments on credit card debt and other forms of debt can quickly get out of hand, potentially adding many cracks to your nest egg.

Rein in your spending and try to apply the savings to paying off debts, including credit card debt, auto loan debt, and even mortgage debt.

Being debt-free will give you much-needed financial flexibility during your golden years.

Continue to invest

Virtually all financial experts urge aging retirees to gradually reduce their exposure to the stock market. But if you are 68, you likely still have a long retirement ahead of you. While it may be prudent to dial back on risk, keeping at least some money in stocks may make sense.

Over time, inflation will eat away at your savings. Investing some money in stocks can generate returns that are sizable enough to help you stay one step ahead of rising prices.

Of course, the stock market can also experience plunges. So, before you decide how much to keep in stocks, you might want to discuss your options with a financial advisor.

Consider taking on a part-time job or side hustle

Retirement is supposed to be a period where you leave work behind for good. But at 68, you likely still have plenty of energy. Working part-time or developing a side hustle can make a huge difference to your finances.

If you enjoyed your career, perhaps you can work 10 or 20 hours a week at your old company. Or, consider working part-time for a local retailer or other organization.

Those who have an entrepreneurial spirit may want to develop a side hustle as a reseller, pet sitter, or delivery driver.

Bottom line

Comparing your net worth to others can be a useful way to see where you stand financially. But remember, everyone's financial needs are different during retirement.

If your nest egg covers your expenses, you can relax and enjoy your golden years. However, if money is a concern, consider taking some of the steps above and start investing in your future.

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