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By the time you reach 80, a significant part of your financial story is already written. But that doesn't mean you can't make some improvements.
To grow your money more and determine what to work toward, you first need to see how your retirement savings stack up — something the national average can help with. Below, we look at the average net worth of an 80-year-old American and offer tips that might help you improve your financial position. How do you compare?
Editor's note: All net worth and interest rate data come from the Federal Reserve Survey of Consumer Finances and the Federal Deposit Insurance Corporation (FDIC).
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What is the average net worth of an 80-year-old American?
According to the Federal Reserve's most recent Survey of Consumer Finances, the average net worth of Americans in the 80-year age group is $1,624,100, a 43% increase since 2019.
The high net worth might be attributed to several factors. One, Americans in this demographic typically have multiple investments and decades' worth of employment income. Two, the figure encompasses not only the average American's net worth but also the ultra-wealthy.
How the median net worth compares
In comparison, the median net worth for the same age group is $335,600, up 14% from 2019.
Why is the median important? The average net worth isn't always the best measure of financial standing. It's skewed by high earners, and therefore doesn't paint an accurate picture of how much wealth the average American has at 80. If you want to know how you stack up, the median net worth is a more reliable benchmark.
Reason for the huge average-median difference
The stark gap is the result of uneven wealth distribution. As mentioned, the average net worth encompasses everybody from low-net-worth to high-net-worth individuals. High-net-worth Americans tend to hold large balances, which raises the average.
The median net worth, on the other hand, represents the midpoint. If you lined up all 80-year-olds in the U.S., from the lowest to the highest net worth, the median net worth would be in the middle.
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How net worth is calculated
Net worth is the total value of assets minus liabilities. To calculate your net worth, take everything you own (savings, investments, and properties) and subtract everything you owe (loans and credit card balances).
When you're done, compare the result to the median net worth of 80-year-olds. If you're not at par, don't be discouraged. There's still a lot you can do to improve your financial position, including the strategies below.
Reduce your debt
Debt has a huge impact on your net worth, so it's worth paying off what you can. A good strategy would be to start with high-yield debts, such as credit card balances.
If you have multiple high-interest debts, consider consolidation. Be sure to involve a financial advisor to help you find options that can lower your interest rates and simplify payments.
Cut expenses
Reduce your spending as much as you can. Then, put your savings into repaying debt or growing your assets.
You can cut back expenses by canceling subscriptions you no longer (or rarely) use, using seniors' discounts when shopping, and taking advantage of government programs like the Supplemental Nutrition Assistance Program (SNAP) if eligible.
Leverage your home equity
Homes can be expensive to maintain, but they can also be a source of income if you play your cards right.
If you own a home, consider renting out unused rooms to increase your cash flow. The extra cash might help you cover your mortgage, property taxes, and utility bills, potentially reducing your debt and spending.
Remember to run a background check on any potential tenant.
Consider a high-yield savings account
While keeping your money in a traditional account might seem like a good idea because of accessibility, as of 2026, banks are paying a 0.39% interest rate for traditional savings, which means your money might not grow much in value.
Some high-yield savings accounts pay as much as 4%, which could make them a more beneficial option. As with traditional accounts, you don't have to do much to earn — you only need to deposit your money.
Find ways to generate extra income
You don't have to stop working once you retire. You may take on part-time jobs that don't require strenuous labor to earn some extra money. Then, you could save or invest it.
One of the best ways to earn in retirement is to use skills from your working experience. For example, if you were a teacher, you could offer tutoring sessions to neighborhood kids. Similarly, if you were a financial advisor, you could take on some consultancy jobs.
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Bottom line
If your net worth is within or above the average or median net worth for 80-year-old Americans, you're on the right track. If not, there's still a lot you can do to secure a stress-free retirement. Some smart moves for seniors include paying off high-interest debts, reducing your expenses, and finding sources of extra income.
You can also downsize your home (if it's too big) to reduce expenses, or even sell collectibles to build up your savings.
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