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Here's the Average Net Worth of Americans Age 55-64 (How Do You Compare?)

See how your net worth compares as retirement nears.

By Kristin Hitchcock , Edited by Laura Hohenstein

Updated Sept. 9, 2026

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By ages 55 to 64, retirement is close enough to shape everyday money decisions. A market downturn, lingering mortgage, or higher-than-expected health care costs may feel more urgent when there are fewer working years left to recover.

Even if Social Security and other senior benefits are still years away, knowing how your net worth compares can provide a useful reality check. The latest Federal Reserve benchmark is surprisingly high, but the headline average leaves out important context. Here's what the numbers show and how to use them without turning a financial comparison into a verdict.

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The average net worth is $1,564,070

Families with a reference person aged 55 to 64 had an average net worth of $1,564,070, according to the Federal Reserve's latest Survey of Consumer Finances. That was higher than the $971,270 average for ages 45 to 54, but below the $1,780,720 reported for ages 65 to 74.

In dollar terms, that's a $592,800 jump from the preceding age bracket.

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The median offers a more realistic comparison

The median net worth for the 55-to-64 group was much lower: $364,270. The median marks the midpoint, meaning half of families had more and half had less.

Because a relatively small number of very wealthy families pulls the average upward, the median is generally the more useful benchmark for answering, "How do I compare?" The average is about 4.3 times the median.

These numbers describe families, not individuals

The Fed's figures are based on families that are grouped by the age of a designated reference person. They don't represent the net worth of one person in isolation, but of a whole family.

For a married couple, for example, the calculation generally reflects the family's combined financial position. The figures also come from the 2022 survey and are stated in 2022 dollars, even though they remain the Fed's most recent Survey of Consumer Finances estimates.

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Net worth often climbs quickly in this decade

Median net worth for ages 55 to 64 rose 47% between the 2019 and 2022 surveys, from $247,080 to $364,270 in inflation-adjusted dollars.

This stage can bring higher earnings, additional years of investment growth, and smaller mortgage balances. Still, the increase wasn't universal. A national benchmark combines families with paid-off homes and sizable portfolios with families carrying debt and little retirement savings.

Home equity can make the total look stronger

Net worth includes home equity, which can account for a large share of the average family's wealth. The Fed noted that housing dominates the balance sheets of families in the middle of the wealth distribution.

That's real wealth, but it isn't the same as cash available for groceries or medical bills. Using it in retirement may require selling, downsizing, or borrowing against the property. The money tied up in a home is much different from money sitting in a bank account.

Net worth isn't the same as retirement savings

Your net worth is everything you own minus everything you owe. Assets may include your home, retirement accounts, bank balances, investments, vehicles, and business interests. Liabilities may include a mortgage, auto loan, credit card balances, and other debts.

As a result, someone with a $500,000 net worth might have far less than $500,000 invested and available to produce retirement income. In fact, the vast majority of that net worth could be tied up in a home.

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Debt can change what the numbers mean

Two families can report identical net worth and have very different levels of financial flexibility. One might own a paid-off home but have limited savings. Another might carry a mortgage while holding a larger, diversified investment portfolio.

High-interest debt deserves particular attention because it can drain monthly cash flow and make it much harder to save during what may be the final full-time working years.

Compare your resources with your retirement plan

Start by calculating your own net worth using current, reasonable asset values and complete debt balances. Then look beyond the final total.

Estimate how much of your wealth is liquid, how much income Social Security or a pension may provide, and what you expect to spend. A household below the median may still have a workable plan, while one above it could face a shortfall if spending is high.

Focus on the moves you could still be making

There may still be time to improve both net worth and retirement readiness at this age. Depending on your situation, practical priorities could include:

Increasing workplace retirement contributions, including catch-up contributions if eligible
Paying down high-interest balances
Building cash reserves for expenses that shouldn't depend on the stock market
Reviewing investment risk, fees, and diversification
Testing a retirement budget before leaving work

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Bottom line

Americans ages 55 to 64 have an average net worth of $1,564,070, but the $364,270 median is likely a more useful comparison for most families. Neither number determines whether you're on track for retirement, though, since your spending, debt, income sources, and retirement timeline also matter.

For a more personal benchmark, subtract your expected Social Security and pension income from your estimated annual retirement expenses. That gap shows how much your savings and investments may need to provide each year, giving you a clearer target than net worth alone.

FAQs

Should I include my home when calculating my net worth?

Yes. Subtract your remaining mortgage from your home's current value and include the resulting equity as an asset. However, it can also help to calculate your investable net worth separately, since home equity cannot typically cover expenses unless you sell, downsize, or borrow against it.

Is being mortgage-free more important than having a larger retirement account?

Not necessarily. Eliminating a mortgage can reduce retirement expenses, but using too much savings to pay it off could leave you short on accessible cash. The better choice depends on the loan's interest rate, your investment mix, tax considerations, and the amount of liquidity you need.

Can I still catch up on retirement savings after age 55?

Yes. Workers in this age range may have access to catch-up contributions in workplace retirement plans and IRAs, depending on eligibility and current IRS rules. Delaying retirement, reducing debt, and directing raises or bonuses toward savings may also strengthen the plan during the remaining working years.

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