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Here's the Average Net Worth of 83-Year-Old Americans (How Do You Compare?)

See how your net worth compares and what steps you can take to strengthen it.

By Andy Lindquist

Edited by Calista Headrick

Updated Dec. 25, 2025

Turning 83 is a major personal milestone that also brings a unique set of financial priorities. At this point in life, your investment strategy shifts towards a less aggressive approach to preserve your savings and maintain your financial health.

While financial situations vary wildly, understanding where you stand relative to your peers can offer a valuable perspective and peace of mind. Here is the average net worth of Americans aged 83, along with some strategies to boost your savings later in life.

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The average net worth at age 83

Looking at data from the Federal Reserve's most recent Survey of Consumer Finances, the average net worth for Americans aged 75 and older is approximately $1.62 million. However, the mean or average is heavily skewed upward by ultra-wealthy individuals.

That means it's not a good representation of what the typical American might have in terms of net worth. It's much better to go with the median, which represents the actual middle of the demographic.

The median net worth of Americans aged 75 and older is $334,700. If your net worth is near the median, you are right in line with your peers. If you are closer to the average, you are likely in the top tier of wealth for your age group.

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How net worth is calculated

Net worth is a simple snapshot of your overall financial health. It's a pretty simple formula: assets - liabilities = net worth.

Your assets include your house, retirement accounts, investment accounts, and other personal property. Your liabilities consist of debts such as car loans, mortgages, lines of credit, credit card balances, and other personal loans.

Ways to improve your finances at age 83

If you're looking at those numbers and you're not anywhere near them, don't worry. There are steps you can take to improve your financial health even in your 80s:

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 complete the program and settle all debts typically save around 45% before fees or 20% including fees over 24–48 months, based on enrolled debts. “Debt-free” applies only to enrolled credit cards, personal loans, and medical bills. Not mortgages, car loans, or other debts. Average program completion time is 24–48 months; not all debts are eligible, and results vary as not all clients complete the program due to factors like insufficient savings. We do not guarantee specific debt reductions or timelines, nor do we assume debt, make payments to creditors, or offer legal, tax, bankruptcy, or credit repair services. Consult a tax professional or attorney as needed. Services are not available in all states. Participation may adversely affect your credit rating or score. Nonpayment of debt may result in increased finance and other charges, collection efforts, or litigation. Read all program materials before enrolling. National Debt Relief’s fees are based on a percentage of enrolled debt. All communications may be recorded or monitored for quality assurance. In certain states, additional disclosures and licensing apply. ©️ 2009–2025 National Debt Relief LLC. National Debt Relief (NMLS #1250950, CA CFL Lic. No. 60DBO-70443) is located at 180 Maiden Lane, 28th Floor, New York, NY 10038. All rights reserved. <b><a href="https://www.nationaldebtrelief.com/licenses/">Click here</a></b> for additional state-specific disclosures and licensing information.</p>

Downsize your home

For many 83-year-olds, a large portion of their net worth is tied up in a family home that may be larger than necessary. Downsizing to a smaller condo, apartment, or senior living community can serve two purposes: it reduces ongoing maintenance costs and property taxes, and it converts illiquid home equity into investable cash.

This liquidity can then be used to generate monthly income or serve as a buffer for health care costs.

Shift to a high-yield savings account

There may be options for you to move your regular checking account to one that offers a high APY. While interest rates fluctuate, keeping your money in a regular account will lose value over time due to inflation. Do some research to find a bank offering a good interest rate, and make the move.

Audit finances and look for lifestyle creep

Take a cold, hard look at your monthly spending and see what you can cut out. Lifestyle creep is a real thing, and it's easy to develop an expensive taste for things as you get older.

Going out to eat, taking expensive trips, and having endless subscriptions can eat away at your cash flow. Take a detailed look at where you're spending and see what you can reduce.

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Maximize tax-advantaged giving

Many older adults are moved into higher tax brackets because they are required to take minimum distributions from their retirement accounts. But you can take a portion of your RMD and donate it directly to a charity, a qualified charitable distribution.

This counts toward your RMD but is not included in your taxable income. By lowering your taxable income, you may reduce taxes on your Social Security benefits or lower your Medicare premiums, effectively preserving more of your wealth.

Apply for senior property tax exemptions

Property taxes can be one of the biggest burdens for retirees, especially those who have paid off their mortgage but live in areas with rising home values.

Many states and local municipalities offer "homestead exemptions" or "senior freezes" specifically for residents over a certain age (often 65, 70, or 80) or income level. These programs can freeze your property's assessed value or provide a significant discount on your tax bill. Contact your local tax assessor's office and see if you qualify.

Bottom line

Comparing your net worth to the national median of $334,700 offers a valuable benchmark, but the true measure of success at 83 is whether your assets are structured to support your comfort and care. Prioritizing tax efficiency and liquidity over aggressive growth ensures that the wealth you have built remains available when you need it most, so you don't run out of money in retirement.

It is also important to remember that your financial timeline may be longer than you anticipate; according to the Social Security Administration, an 83-year-old today has an average life expectancy of almost eight more years. This extended horizon makes the strategies discussed vital for maintaining your quality of life well into your 90s.

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