9 Signs You're Doing Better Financially Than the Average 60-Year-Old

As a 60-year-old, you're at a crucial age where you're nearing retirement and need to ensure your finances are secure for your next big step. According to recent Empower data, the median retirement savings for someone in their 60s is $568,116, so exceeding that puts you ahead of more than half of your peers. However, other metrics, such as net worth, may be much more modest than you expect.

If you want to check up on your financial health, seeing where you stand compared to others your age is helpful. Here are nine signs you're doing better financially than the average 60-year-old American.

Your retirement savings exceed $568,116

If you've saved more for retirement than the median of $568,116, you're already ahead of half of others in their 60s. Based on 40% of private sector workers aged 55 to 65 had no retirement account at all.

While you might still need to save more to reach your goal, many Americans are unsure whether they can even retire. You also still have time to catch up, with the IRS allowing even larger 401(k) catch-up contributions of $11,250 for those aged 60 to 63.

Your net worth is more than $364,270

The median net worth for someone aged 55 to 64 was $364,270, based on the 2022 Federal Reserve Survey of Consumer Finances. Having a higher net worth improves your financial security in your 60s and gives you more flexibility. Count your home, vehicles, retirement accounts, savings, and other assets when figuring this number, and then subtract all your debts.

You have little or no consumer debt

According to 2025 Experian data, the average Gen Xer (ages 45 to 60) owed $9,600 in credit card debt. Total debt also averaged $158,105 for this age group.

While having debt at any age can be stressful, it's even more so when you're approaching retirement and expecting to live off a fixed income. The interest costs add up, and the payments strain your budget, hurting your financial security. So, you're doing great if your debt is much lower than those numbers or you're entirely debt-free.

You have more than $319,600 in home equity

U.S. Census Bureau data showed that the average person aged 55 to 64 had $319,600 in home equity in 2023. If your home's market value minus existing mortgages leaves you with a higher number, you're doing better than many your age.

Whether you plan to downsize or borrow against your home, having a good amount of equity has its benefits as you approach retirement. Further increasing your equity by paying down your mortgage is also a smart idea before retirement.

You're not rushing to claim Social Security at 62

While claiming Social Security at 62 might sound appealing, you should carefully consider the right claiming age to come out ahead of many pre-retirees. Without the right strategy, your benefits might not stretch as much as you hope.

The average monthly Social Security check was only $2,071 in January 2026. Unfortunately, claiming at 62 permanently cuts your benefit by about 30%, and this can also significantly affect your spouse's benefit. Waiting until full retirement age (67) locks in the full amount, which can increase up to 32% if you delay until age 70.

You have a plan for pre-Medicare health coverage

Many 60-year-olds are still working and getting health insurance through their employers. But if you plan to retire before age 65, which is the minimum age for Medicare for most people, having a plan for affordable coverage puts you ahead.

The Affordable Care Act (ACA) Marketplace may be a good place to start since you might qualify for decent subsidies if your income is low. You might also look into private plans directly through health insurers or take on a part-time job for coverage.

You clearly know how much retirement will cost

According to a 2026 Schroders survey, 58% of retirees are unsure how long they can get by with their retirement savings, and nearly half are spending more than expected.

It's easy to underestimate your retirement savings and not contribute enough during your working years. Using a popular formula (like the 4% rule) or inputting your specific numbers into a retirement savings calculator gives you a clearer idea of that number, so you might avoid this common regret.

You have savings outside of tax-deferred accounts

Traditional IRAs and 401(k)s are useful for deferring taxes on your contributions and earnings during your working years. However, withdrawing funds from them after age 59 ½ usually leads to a tax bill you must pay.

Pairing these with other options, such as a Roth IRA, offers flexibility that many savers lack. For example, you can withdraw from a Roth IRA without taxes on gains if you meet requirements, and required minimum distributions at age 73 often don't apply.

You can handle a major unexpected expense without debt

Car breakdowns, big medical bills, and other unexpected expenses are still a reality in your 60s. If you have a decent emergency fund with three or more months' worth of your usual bills saved, you'll be ahead of many other Americans your age.

You may benefit from the peace that comes with knowing you can handle emergencies without new, costly debt. Consider a high-yield savings account for this cash.

Bottom line

When considering these benchmarks, remember that "average" helps you measure how far you've come compared to others. But it's not the finish line.

You should revisit your retirement plan to ensure you're saving enough based on your expected life expectancy, desired lifestyle, income sources, and other factors. Using the Social Security estimator and speaking with a financial advisor is also wise.

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