Here's the Average Net Worth of 90-Year-Old Americans (How Do You Compare?)

Your 90th birthday is an occasion worth celebrating. Even with today's increased lifespans, relatively few people live long enough to achieve this milestone.

If you are also wealthy, you have another reason to be grateful. Find out the average net worth of a 90-year-old American and see how your own level of financial fitness compares.

What is the average net worth of a 90-year-old American?

The average net worth of someone in their 90s is $1.27 million, according to a study by financial services company Empower.

Folks in their 90s have spent many decades accumulating wealth and letting it compound. Even though most of them have been retired for years, their money has continued to grow thanks to solid saving, spending, and investment decisions.

How the median net worth compares

The median net worth of folks in their 90s is considerably lower, at $205,737.

That is still a tidy sum, especially for older folks who have slowed down and who do not travel or spend a lot of money on entertainment. But it hardly qualifies as being "rich."

Reason for the huge average-median difference

The reason for the big difference between the average and median net worth comes down to what those two terms define.

The average is made up of all the net worths of people in their 90s divided by the total number of people in that age group. That means it includes everyone in their 90s, rich, poor, and in-between.

People with net worths in the multi-millions and billions skew the average much higher than it would be if their money were not included in the calculation.

By contrast, the median is the precise midpoint among all people who are in their 90s. Half of people in that age group have net worths higher than the median, and half have net worths that are lower.

So, the median is likely a more accurate representation of the level of net worth a typical 90-year-old has accumulated.

Ways to boost your own net worth

Regardless of your age, there are always ways to increase your net worth. If you feel a little down about how you compare to others, know that you can improve your situation.

Here are some key ways to boost your bottom line.

Eliminate debt

Debt might be the biggest obstacle to growing your wealth. This is especially true of things such as credit card debt, which tends to have very high interest rates.

Getting rid of high-interest debt is usually the single best way to get your finances back on track so you can see your net worth start to grow again.

Cut back on spending

We all spend money on things that we don't need. So, sit down, go over your budget, and look for places where you overspend.

Simply cutting back on eating out or deciding to take fewer or less expensive vacations can really add up over the course of a year.

Boost your income

Whether you take on a part-time job or develop a side hustle, find ways to build new income streams that can help you catch up on saving.

Just remember to resist the temptation to spend your newfound cash. Tuck the money into savings accounts or investments and keep your eye on the prize.

Don't be afraid of the stock market

There is simply no getting around it: Investing in the stock market is risky.

However, history has shown that investing money in a stock index fund that tracks an index such as the Standard & Poor's 500 has been one of the best ways to build wealth over a long period.

You probably shouldn't invest all your money in stocks, especially if you are older. But even putting a modest amount into investments is likely to pay off over time.

Consult with a financial advisor

If you are unsure about how to invest in stocks or have other concerns about your money, consider seeking the guidance of a financial advisor.

A money expert can help you focus on your financial goals and suggest the best pathway to achieving them.

Once you have a plan in place, you also might want to get the perspective of a tax professional to see if there are ways to reduce what you owe to the government.

Bottom line

If you are in your 90s, odds are good that boosting your net worth is low on your list of priorities. Instead, you are probably focused on simply enjoying life. And that's how it should be.

But if you are younger, know that there are many ways you can grow your wealth over time. With any luck, one day you will be among the folks in their 90s with a net worth of $1 million or more.

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