Here's How Much Cash the Average 65-Year-Old Has in the Bank Right Now (How Do You Compare?)

Americans who are 65 have either retired or are about to stop working relatively soon. There is a good chance they have already crafted a retirement plan and are ready to enjoy their golden years.

But how much money does a typical 65-year-old really have in the bank?

If you are this age, see how your retirement savings stacks up against your peers, and learn whether you need to do more to improve your financial standing.

The average savings for 65-year-olds

The average savings of someone who is in the age range of 65 to 74 and who lives in the U.S. is $100,250, according to the most recent numbers available in the 2022 Federal Reserve Survey of Consumer Finances.

If that sounds like a lot of money, know that there is a good reason why the average is so high.

The biggest factor that inflates the average is the fact that the richest people between the ages of 65 and 74 push the average much higher than it otherwise would be.

In addition, 65 is the low end of that age range. If you are 65, there is a chance you have saved less than someone who is 74, for instance.

The median savings for 65-year-olds

The median savings offers a potentially more accurate way to determine how much a typical 65-year-old has in the bank.

The median represents the midpoint in a dataset. In other words, half the values are above the median, and half below.

The median savings of someone who is in the age range of 65 to 74 is $13,400. That number is around seven times less than the average, and it offers a more realistic view of how much the typical 65-year-old has in their bank account.

What does 'cash in the bank' mean?

For our purposes, "cash in the bank" represents money that typically is defined as "savings."

In this context, cash in the bank includes liquid money kept in checking, savings, or money market accounts. It does not include the following:

• Retirement accounts
• Brokerage holdings
• CDs
• Home equity

The sources of wealth listed above typically dwarf what most families have in liquid savings, so it is important to keep that context in mind.

What 'cash in the bank' tells you

For many people, the years between 65 and 74 represent their peak in terms of holding liquid cash. You can expect the balance to decline in the years after that as you spend down savings.

Also, remember that for most people, liquid savings are much smaller than the amount of money folks keep in retirement accounts or that they have accumulated in home equity.

Keep in mind that these figures come from the Federal Reserve's 2022 Survey of Consumer Finances. The most recent survey is for 2025, and it will not be published until late this year.

How 65-year-olds can improve their financial standing

Regardless of whether you have a little or a lot in savings, there are things you should do to strengthen your financial foundation.

For example, everyone should keep money in an emergency savings fund. Experts typically recommend maintaining enough in an emergency savings account to cover at least three months of expenses.

Unfortunately, surveys have found that very few Americans have an emergency account of this size.

In addition, creating a budget and finding ways to trim unnecessary spending can help you shore up your bottom line.

Finally, some retirees might find that taking on part-time work or developing a side hustle are good ways to keep a step ahead of their bills.

Striking the right balance at 65

Someone who is 65 is either retired or nearing their golden years. Many of these folks can expect a long retirement ahead.

That reality means 65-year-olds need to strike a balance that keeps some money in safe, low-yielding savings accounts while also taking calculated risks in the stock market with some of their other cash.

For many 65-year-olds, the right balance might be maintaining a year or more of expenses in accessible cash in a high-yield savings account, while also keeping a sizable amount of money in investments that offer the opportunity to outpace inflation.

There is no single answer that makes sense for all retirees. Your own financial wants and needs will determine the right balance for you.

If you are unsure of the proper mix, consider talking to a financial advisor or other money professional.

Bottom line

The typical 65-year-old has around $13,000 tucked away in savings. This is a relatively large figure, but it is well within reach of many people this age.

If your savings are lagging, consider taking on part-time work or developing a side hustle that can put extra cash in your pocket. Keep working until you accumulate enough in the bank to allow you to relax and enjoy your golden years in style.

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