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10 Steps to Increase Your Net Worth Above the Average 60-Year-Old

These key strategies can boost your financial standing in your 60s.

By Adam Palasciano

Edited by Chris Kissell

Updated Sept. 22, 2024

Anyone who reaches their 60s knows that financial stability becomes more crucial than ever. Retirement looms, and that means living without a steady paycheck.

The median net worth of someone in their 60s is $446,703, according to retirement plan administrator Empower. The median means half are above the number, and half below it.

If you are looking to increase your net worth and surpass that figure, here are some wealthy money moves you can make to boost your financial standing.

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Pay off debts

Clearing debts such as credit card balances or loans should be a priority if you are looking to increase your net worth.

Debt can erode your wealth over time, so paying it off as soon as possible will free up more money for savings and investments.

Once you crush your debt, you can focus on wealth-building strategies to maximize your financial growth.

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Develop a plan with a financial advisor

One smart move you might make in your 60s is to consult a financial advisor. They can help you assess your current financial situation and develop a strategy tailored to your goals.

A financial advisor can help guide you through tax-efficient investment strategies or estate planning, for example.

Invest at least some money in stocks and funds

Even in your 60s, investing in stocks can be a crucial component of increasing your net worth.

While you may want to shift to a more conservative portfolio, keeping a portion of your investments in stocks offers the potential for your money to grow faster than it would in a high-yield savings account, for example.

Get a free stock valued between $5 to $200

Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.

Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.

Let’s say you want to invest $250, as an example.

With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.¹ This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice. To get stock reward, new customers need to sign up, get approved, and link their bank account. Stock rewards shares cannot be sold until 3 trading days after the reward is granted and the cash value of the stock rewards may not be withdrawn for 30 days after the reward is claimed. Stock rewards not claimed within 60 days may expire. See full terms and conditions at <a href="https://robinhood.com/us/en/support/articles/open-account-pick-your-stock/">rbnhd.co/freestock</a>. Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement. Robinhood Gold is offered through Robinhood Financial LLC and is a membership offering premium services available for a fee.

Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.00% (as of 12/27/24) APY² Annual Percentage Yield. Rate valid as of April 12, 2024. To earn interest, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Interest rates for cash sweep and margin investing can change at any time. Fees may reduce interest earnings. on your uninvested cash³ Interest is earned on uninvested cash swept from your brokerage account to partner banks. Partner banks pay interest on your swept cash, minus any fees paid to Robinhood. As of Nov 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Gold customers. The APY might change at any time at the partner banks' or Robinhood's discretion. Additionally, any fees Robinhood receives may vary and are subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks. All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker dealer. and the ability to buy and sell stocks 24 hours a day, 5 days a week.

Open and fund a Robinhood account and earn up to $200 in stock

Don't retire early

Although it might be tempting, retiring early can limit your ability to grow your net worth.

Working longer allows you to continue to earn income so you can both delay drawing on retirement accounts and boost your Social Security benefits.

By staying in the workforce a bit longer, you give yourself more time to accumulate wealth so you can maintain financial security in your golden years.

Aim for promotions at work

Even in your 60s, it's possible to aim for promotions or seek higher-paying positions. Negotiate raises or try to move into more senior roles so you can significantly increase your income.

Climbing the career ladder later in life can result in a higher salary and larger retirement contributions, which directly impacts your net worth.

Cut back on your spending

Reducing unnecessary spending is a straightforward way to increase your net worth. Small changes — such as cutting back on dining out, unnecessary subscriptions, and luxury items — can free up money that you can invest or save for retirement.

Being mindful of spending habits allows you to keep more money working for you.

Grow Your $$: 11 brilliant ways to build wealth after 40

Consider downsizing your home

As you enter your 60s, it might be time to think about downsizing your home. A smaller, less expensive house can significantly lower your mortgage, insurance, and maintenance costs. That frees up more money to invest for your retirement.

Downsizing is a practical way to reduce expenses so you can boost your net worth.

Don't spend money on fancy cars

Buying expensive cars can drain your savings and hurt your net worth. Cars are depreciating assets, meaning they lose value over time.

By opting for a reliable, affordable vehicle instead of a luxury model, you can save more money for investments that grow in value.

Seek out modest entertainment and vacation options

In your 60s, it's important to be mindful of entertainment and vacation spending. Opt for modest options — like local trips or discounted travel — rather than extravagant vacations.

These small adjustments let you keep more money in your accounts, allowing you to prioritize long-term financial stability over short-term indulgences.

Earn up to a $300 bonus and grow your money with up to 3.80% APY

This powerful combination checking + savings account from SoFi® allows you to earn up to a $300 bonus with direct deposit and grow your money with up to 3.80% APY.⁴ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.

This is one of the top accounts we’ve seen, and offers like this can be rare. You work hard, and now it’s time to make your money work for you — with SoFi, you can grow your money with hardly any effort!

SoFi has no account fees⁵ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a> or overdraft fees⁶ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. and additional FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>. Plus, you can receive your paycheck up to 2 days early.⁸ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

How to earn up to $300: Sign up and make a direct deposit within the first 25 calendar days of the promotional period, then collect a $300 cash bonus with a direct deposit of $5,000 or more.

SoFi is a Member, FDIC. ⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Open your SoFi account and set up direct deposit

Pick up an extra job or side hustle

If you have the time and skills, picking up a side hustle or part-time job is a great way to make extra money on the side and grow your net worth.

This additional stream of income can go directly into savings, investments, or paying down debt, allowing you to improve your financial standing more quickly.

Bottom line

Boosting your net worth in your 60s is within your control if you make the right millionaire moves. By following these steps, you can start investing strategically and set yourself up for long-term financial success.

Consider these steps as part of a retirement plan that helps you reach financial goals so you can enjoy your golden years stress-free.

More from FinanceBuzz:

Invest in Paintings by Basquiat, Picasso, Banksy

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