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Now that you're retired, it can be a little harder to know where you stand financially. You no longer have traditional benchmarks like getting a raise or promotion, and you're starting to spend your savings instead of working hard to bolster them for retirement. So, how can you tell if you're doing well financially or if you need to work on your financial health?
Comparing metrics like your net worth to those of other people in your age cohort can be a good starting place. Below, we explain what the average net worth is for people who are 79 years old, then list ways to boost your net worth if it isn't quite where you want it to be.
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What is the average net worth of people who are 79?
Every few years, the Federal Reserve Survey of Consumer Finances releases a report on the average household net worth by age.
According to the most recent survey data available from 2022, as cited by Fidelity, the average net worth of individuals age 75 and older was $1.62 million.
Why the median net worth might paint a more accurate picture
Averages include the highest highs and lowest lows, and these extreme data points can skew the data. In this case, a few high earners likely skew the average net worth high enough that it doesn't represent the net worth of the typical American.
The median, in contrast, represents the middle number in a set, which means it's less susceptible to being swayed by the extreme highs and lows. According to the same Federal Reserve Survey of Consumer Finances, the median net worth of individuals age 75 and older was $335,600.
How is net worth calculated?
Put as simply as possible, your net worth is the sum total of your liabilities (the debts you owe) subtracted from your assets (the things you own).
Assets could include the cash balances of any savings or spending accounts, a fully paid-off home, any valuables, and a fully paid-off car. Liabilities would include any debt, such as a balance on a car loan, student loan, credit card, or home mortgage.
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How do your finances stack up to the average 79-year-old?
If your net worth isn't as high as the average, you don't need to feel too bad. As we said above, a few high earners can make it seem as if average Americans are worth much more than they actually are.
If you're worth less than the median, you likely still don't need to panic. The amount of money needed to last the rest of your life can vary wildly from person to person, and comparing yourself to others only takes you so far. Still, if you're concerned about your flagging net worth, there are plenty of ways you can try to bring it up to an amount you're happier with.
Prioritize paying off debt
The more debt you're able to pay down, the more your net worth increases. If you have a worrisome debt you've been trying to pay off for a while, consider picking up a small part-time job (such as tutoring on the side or selling crafts on Etsy) and putting the income toward your debt rather than funneling it into your savings or checking account.
Consider downsizing to a new home
Downsizing to a smaller home once you've retired and your kids have flown the nest won't automatically raise your net worth. Depending on interest rates and home values in your area, a smaller home could actually cost you more and take longer to pay off than continuing to live in your older, bigger home until you've paid off the mortgage.
But if you could earn enough money on the sale of your house to purchase a smaller house outright, the move could be worth it. Just make sure to crunch the numbers before putting your house on the market, and remember that rash decisions are unlikely to boost your bottom line.
Slash everyday expenses
Now that you're no longer earning a regular income, the easiest way to increase your net worth could be by cutting down on your expenses.
Are you paying for any subscriptions you no longer use? Could you turn your heat down a few degrees in the winter and your air conditioning up a few degrees in the summer? Could you take public transit instead of driving? Even cutting down your expenses in small ways can help increase your net worth over time.
Bottom line
Working to get ahead financially is a venture that can last your entire life, including into retirement. If your net worth is much lower than you wanted it to be by this point in your life, some drastic measures could be necessary to bring your worth back up, including paying off debt or moving to an area with a substantially lower cost of living.
But before making any major lifestyle changes, make sure you're doing them for the right reasons: not because you feel lesser than your peers, but because you want to leave behind a good inheritance or ensure your savings last the rest of your life.
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