Here's the Average Net Worth of 61-Year-Old Americans (How Do You Compare?)

Turning 61 is a milestone moment, one where you're likely solidly in the "pre-retirement" zone and wondering whether you're on the right track to build wealth.

Here's a clear look at how the typical 61-year-old stacks up when it comes to net worth, and what you might consider doing next.

What the data shows for your age group

There's no perfect figure for someone who is exactly 61, but looking at ages 55-64 is a good proxy. According to the Federal Reserve Board's most recent Survey of Consumer Finances, the average household net worth in that age range is about $1.57 million. Meanwhile, the median (the midpoint where half have more and half have less) is only about $364,500.

What this tells you: if your own net worth is below $364,500, you're behind the midpoint of your peers. If it's around $1.5 million or more, you're comfortably ahead of the curve.

Why there's such a big gap between the average and median

That huge spread (roughly $1.57 million average vs. $364,500 median) exists because a relatively small number of high-net-worth households pull up the average. The median gives a more realistic "middle of the road" benchmark.

In practical terms, for someone age 61:

• Being near the median means you're doing okay, though many people could improve their cushion.
• Being around or above the average means you're in the stronger position among peers, though "stronger" doesn't mean risk-free.
• It's not just about the number: factors like debt, asset mix, liquidity, timing of retirement, and income sources all matter.

If you're feeling like you're behind and want to boost your financial security, here are some tips to try.

1. Boost your retirement savings while you still can

At 61, you're in one of the best catch-up windows you'll ever have. The IRS allows extra contributions to 401(k)s and IRAs once you're over 50, so take full advantage if you can.

Even a few more years of steady saving, especially if you're still earning your highest salary, can add a surprising amount to your balance before you start drawing it down.

2. Pay down high-interest debt first

If you're carrying credit card or personal loan debt, that interest is likely growing faster than your investments. Wiping out those balances now frees up cash flow and lowers your monthly expenses in retirement.

Think of it this way: every dollar not going toward interest payments is one you can redirect toward savings or simply keeping your lifestyle comfortable later on.

3. Revisit your investment mix

Your early 60s aren't the time to swing for the fences, but you don't have to play it overly safe either. A portfolio that's too conservative may not keep pace with inflation, while too much risk can cause sleepless nights.

This is a good time to check whether your stock-to-bond ratio still fits your goals and rebalance if needed to protect growth without courting volatility.

4. Consider delaying Social Security

It's tempting to start collecting benefits as soon as you can, but waiting until full retirement age (or even 70) can make a meaningful difference in lifetime income.

Each year you delay adds roughly 8% to your benefit. If you're still working or have other income sources, holding off a bit longer could strengthen your financial safety net in the long run.

5. Downsize your lifestyle, not your happiness

Cutting costs doesn't have to mean giving up what makes life enjoyable. Look for ways to simplify: maybe a smaller home, one car instead of two, or trimming unused subscriptions.

Many retirees find that life feels richer when they spend intentionally instead of automatically. Lower expenses mean less pressure on your savings and more freedom to enjoy the years ahead.

6. Keep health care at the top of your plan

Health costs tend to rise sharply after 60, and ignoring them can derail even a strong net worth. Review your insurance coverage, price out Medicare options, and build a medical savings cushion for out-of-pocket expenses.

Preventive care and healthy habits aren't just good for your body; they're one of the smartest financial moves you can make heading into retirement.

7. Get professional advice before major changes

A good financial planner can identify blind spots you might overlook, like tax traps, sequence-of-returns risk, or portfolio overlap. Even one or two sessions can give you peace of mind before making big moves such as selling property or shifting investments. Think of professional advice as a second opinion on your future, not just another line item in your budget.

Bottom line

At 61, your financial picture may look clearer than ever, but it's also one of the most important times to fine-tune your next steps. The average net worth for people your age sits around $1.57 million, yet the median is closer to $364,500. For the average 61-year-old, the median is a much better metric than the average.

According to Fidelity, most people should aim to save at least 15% of their pre-tax income each year, including employer matches. If you haven't reviewed your savings rate or investment strategy lately, now's the time to check up on your retirement readiness.

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