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Here's the Average Net Worth of 71-Year-Old Americans (How Do You Compare?)

New data reveals how much the average 71-year-old American has saved, and how you can strengthen your own finances to retire comfortably.

By Kristin Hitchcock

Edited by Andrea Basse

Updated Nov. 14, 2025

At age 71, you're at a phase when years of saving, investing, and paying off debt (or not) all show up in your balance sheet. Many are curious how their net worth stacks up, and whether there's still room to improve. Wasting money in retirement is a real risk if you don't plan carefully.

Here's how the average 71-year-old American's net worth looks, and what you might do to avoid wasting money in retirement.

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What is the typical net worth of a 71-year-old American?

The average (mean) net worth for households where the reference person is aged between 65 and 74 is about $1.79 million. By contrast, the median net worth in that same age bracket is approximately $410,000. That gap underscores an important reality: a few extremely households pull up the average, while most people fall closer to the median.

If you're 71, your net worth might be higher or lower depending on lifetime income, savings habits, debt load, health expenses, investments, and how much you've drawn down on your savings in recent years.

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Why many retirees don't hit the "average"

Reaching (or exceeding) the average net worth at age 71 is hard, for several reasons:

Withdrawals in retirement: Many 70-somethings begin tapping their portfolio to cover living expenses, which slowly erodes assets.
Market volatility: Investment setbacks close to or after retirement can have an outsized effect on net worth.
Debt burdens: Even at older ages, mortgages, home equity loans, medical debt, or consumer debt can drag net worth downward.
Unequal opportunities: Lifetime differences in earnings, access to tax-advantaged plans, employer matches, and inheritance all widen the gap between median and average.

Recognizing these headwinds helps frame where you stand and where gains are still possible.

Strategies to strengthen your net worth in your 70s

Approaching your 70s doesn't mean your financial planning stops — it simply shifts focus. Now's the time to prioritize passive income, manage risk, and make the most of what you've earned. Here are a few ways you can do just that.

Delay Social Security (if possible)

To help improve your net worth, consider delaying your Social Security benefits. Waiting past your full retirement age can increase your Social Security benefit by up to 8% per year (depending on your birth year). Over time, that boost may more than offset the years you "missed" by waiting.

Resolve $10,000 or more of your debt

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.¹ <p>Clients who are able to stay with the program and get all their debt settled realize approximate savings of 45% before fees, or 20% including our fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.</p>

Continue investing

Even in your 70s, growth is possible. A balanced portfolio with exposure to equities (for growth) and fixed income (for stability) can help your assets outpace inflation. Avoid moving everything to the safest assets, which may erode value in real terms. You want to maintain value without taking unnecessary risks.

Downsize or monetize your home equity

If your home is a major share of your wealth, consider whether it's the most efficient use of capital. Selling and renting, taking a reverse mortgage, or otherwise unlocking home equity might free resources you can redeploy into higher-return assets. Just be sure to weigh the trade-offs carefully before making a final decision.

Reduce recurring expenses & pay down debt

The more you can lower your fixed outflows, whether via renegotiating insurance, cutting discretionary spending, or paying off high-interest debt, the more "extra" you free up to reinvest or save. Even small cuts add up over a decade. Pay down high-interest balances and trim what recurring expenses you can.

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Rethink your withdrawal strategy

The "4% rule" might be common advice, but that doesn't mean it's right for everyone. The current market and your spending matter, too. You might not even need to withdraw the same amount every year. Some years you might ned less, and other years you might need more. The key is flexibility and reviewing your plan annually so you're not depleting your assets too quickly.

Keep earning (on your terms)

You may find part-time work or consulting rewarding and financially smart. Even a very small income stream during retirement can help offset your living costs and reduce the amount you must pull from savings each year. This small boost helps extend the life of your portfolio, especially if you're physically healthy and have skills others are willing to pay for.

Plan around taxes

Taxes don't end at retirement. Strategic moves, like converting part of a traditional IRA to a Roth or using qualified charitable distributions, can minimize what you owe. A financial planner or tax pro can help identify the best options for your situation.

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Keep learning and adjusting

Markets change, tax laws shift, and expenses evolve. It's very likely that the plan you start with won't be the same plan you end with, so stay flexible and open to making adjustments as necessary. It could be the difference between simply maintaining your wealth and watching it grow.

Bottom line

By age 71, your net worth reflects decades of experience and money-making, but that doesn't mean it's set in stone. Whether you're sitting comfortably above the average or still building, staying invested, managing debt, and being strategic with withdrawals can help you retire comfortably and maintain financial flexibility for years to come.

A classic study by Cooley, Hubbard & Walz shows that portfolios with at least 75% equity exposure historically supported 4% to 5% inflation-adjusted withdrawals over 30-year payout periods. This means maintaining a healthy mix of investments could help you avoid running out of money in retirement, even as you start drawing down your assets. Don't move everything to a savings account just because you're retired; give your wealth the chance to grow.

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