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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.

Financial consultants discuss investment
Updated Sept. 22, 2024
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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.

Steal this billionaire wealth-building technique

The ultra-rich have also been investing in art from big names like Picasso and Bansky for centuries. And it's for a good reason: Contemporary art prices have outpaced the S&P 500 by 136% over the last 27 years.

A new company called Masterworks is now allowing everyday investors to get in on this type of previously-exclusive investment. You can buy a small slice of $1-$30 million paintings from iconic artists, all without needing any art expertise.

If you have at least $10k to invest and are ready to explore diversifying beyond stocks and bonds,see what Masterworks has on offer. (Hurry, they often sell out!)

Pay off debts

gustavofrazao/Adobe highlighter circling pay off debt date

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.

Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.

Develop a plan with a financial advisor

LIGHTFIELD STUDIOS/Adobe advisor sitting at table with laptop

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

Alex from the Rock/Adobe stock market investments

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

Even better news? Add a Robinhood Gold membership, and you’ll get access to 5.00% APY2on your uninvested cash3and 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

kitchen/Adobe hand putting coins in glass jar

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

Lune V A/peopleimages.com/Adobe businesspeople clapping for employee growth

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

Kittiphan/Adobe young woman checking bills

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.

Consider downsizing your home

Daisy Daisy/Adobe mature couple carrying boxes on moving day

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

DragonImages/Adobe test drive concept

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

Jacob Lund/Adobe Happy campers making coffee

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.

Stop missing out on potentially $1,000s of basically free money with this account

If you’re not using a high yield savings account already, we just have one question: WHY?! Maybe you don’t think it’s worth your time to transfer from a traditional savings account … but by not switching, you could be missing out on $1,000s of basically free money. Here’s why:

The Customers Bank high yield savings account offers a rare 4.51% APY4 (annual percentage yield) — compare that to national average APY of 0.46% (as of 9/16/24). This could be worth hundreds, even thousands of dollars in practically passive income.

To put it another way, in a traditional savings account with the national average APY, a $50,000 deposit would only earn $1,189 with daily compounding interest in 5 years. With Customers Bank, that same $50,000 deposit could yield over $15,200 in the same time frame.5

Open an account today — it takes minutes, and there’s almost zero excuse not to. Customers Bank is powered by Raisin, there are NO fees, and you can withdraw your money whenever you need it. Plus, with FDIC insurance, Customers Bank provides a more secure online banking experience and a safer place to store your extra cash.

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Click here to open a Customer Bank high yield savings account

Pick up an extra job or side hustle

Mediteraneo/Adobe elderly couple in own flower shop

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

WavebreakMediaMicro/Adobe senior couple checking their bills

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.

Masterworks Benefits

  • Invest in art like a millionaire for a relatively low cost
  • Art investments have outperformed the S&P 500 by over 131% for 26 years
  • Purchase shares of artwork by top artists
  • Hedge against inflation and diversify your portfolio


Author Details

Adam Palasciano

Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.