It's not surprising that net worth increases as you get older. Your income is likely increasing as you move through your career, and your investments and savings have time to grow. According to the Federal Reserve's 2023 Survey of Consumer Finances, Americans' median net worth peaks in their mid-60s and 70s, then starts to decline in their non-working years.
In 2022, the median net worth of Americans 55 to 64 was $364,500, a 48% increase from three years prior. While those 65 to 74 had a median net worth of $409,000, that was only a 33% increase from 2019.
According to the Fed's data, Americans' median net worth climbed 37% across all generations.
Net worth by age
Here's a look at both the median and mean (average) net worth across U.S. households by age. Since high-net-worth households skew the average, the median is a much more representative measure.
| Age of head of household | Median net worth | Average net worth |
|---|---|---|
| Under 35 | $39,000 | $183,500 |
| 35-44 | $135,600 | $549,600 |
| 45-54 | $247,200 | $975,800 |
| 55-64 | $364,500 | $1,566,900 |
| 65-74 | $409,900 | $1,794,600 |
| 75+ | $335,600 | $1,624,100 |
Source: Federal Reserve Survey of Consumer Finances, 2022
How to grow your savings in your 50s
You might think of your late 50s as your "final stretch" to earn, but it's also a time to look ahead. Retirees typically live on a fixed income, usually a combination of Social Security benefits, retirement accounts like 401(k)s and IRAs, and brokerage accounts (such as mutual funds and ETFs).
It's not uncommon to be anxious about no longer earning a paycheck. In your early 60s, calculating your net worth can give you a clear picture of your financial situation.
A budget app like lets you track how much you have across all your accounts and incorporate the value of non-liquid assets (like a home, car or boat) to determine your net worth.
Empower
Cost
App is free, but users have option to add investment management services for a fee
Standout features
A budgeting app and investment tool that tracks both your spending and your wealth
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Data encryption, fraud protection and strong user authentication
Terms apply.
If you're not happy with the numbers, think about ways to leverage the assets you have. A common step people take in their pre-retirement years is to downsize. Selling a larger home and buying a smaller property (or renting) can free up a lot of cash for daily expenses.
If you haven't maxed out your retirement accounts, "catch-up" contributions allow workers age 50 and older to contribute thousands more to their IRAs and 401(k)s.
The contribution limit for a traditional or Roth IRA in 2026 is $7,500. But if you're 50 or older, you can make an additional $1,000. That means a total of $8,500 growing tax-free.
Some robo-advisors offer IRA contribution matches. An Acorns Silver subscription comes with a 1% match on new contributions to your Acorns Later retirement account, for example, or you can enjoy a 3% match with its Gold subscription.
Acorns
Minimum deposit and balance
Minimum deposit and balance requirements may vary depending on the investment vehicle selected. No minimum required to open an account, $5 minimum to start investing
Fees
Fees may vary depending on the investment vehicle selected. Monthly plans include: Bronze ($3 per month), Silver ($6 per month), and Gold ($12 per month)
Bonus
None
Investment vehicles
Robo-advisor: Acorns Invest IRA: Acorns Later includes Traditional, Roth, SEP IRAs, 401(k) Rollover Investment accounts for kids: Acorns Early
Investment options
Diversified ETFs which include more than 7,000 stocks & bonds
Educational resources
"Money Basics" blog and Grow + CNBC website
Terms apply.
In 2026, the standard 401(k) limit is $24,500 and the catch-up limit is $8,000. If you're a 55-year-old maxing out her 401(k) and taking full advantage of the catch-up bonus, that's $32,500 growing tax-deferred.
Savers 60 to 63 can add even more to their nest egg: If you meet income requirements and your employer's plan allows it, you can take advantage of a "super catch-up" provision in Secure 2.0 and contribute up to $11,250. That means a total 401(k) contribution of $35,750 for the year.
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