The average net worth of Americans age 65 to 74

Americans have been growing their wealth. Between 2019 and 2022, median net worth surged 37%, according to the Federal Reserve's 2023 Survey of Consumer Finances, which pointed to big changes in the economy during the pandemic, including more saving.

The uptick was felt across generations, although adults under 35 saw the biggest boost: A massive 143% increase from $16,100 to $39,000. For older generations, the increase was more modest. Americans aged 65 to 74 saw only a 33% increase to $409,900.

While that might seem like a lot of money, this is the age bracket when many people retire and start tapping into their savings.

Here's a look at both the median and mean (average) net worth in the U.S. by age. But since high-net-worth households skew averages, the median is much more representative.

Net worth is the total value of your assets minus any liabilities or debts. In its study, the Federal Reserve lists several asset types.

• Cash in checking, savings and money market accounts
• CDs, savings bonds and Treasury bonds
• Retirement accounts, including IRAs, 401(k)s and 403(b)s
• Life insurance policies with cash value
• Annuities with equity
• Vehicles including cars, RVs, motorcycles, boats and helicopters
• Real estate, including rental homes and primary/residential homes

Liabilities include: 

• Credit card bills
• Mortgages
• Home equity lines of credit or home equity loans
• Installment loans, including auto and student loans

When you're still working, it's easy to put your net worth out of your mind and focus on more immediate expenses. Unfortunately, many Americans have fallen behind on saving for retirement. The median balance in a 401(k) for someone 65 or older is $95,425, according to Vanguard.

A surprising number of seniors are also still carrying debt, which could be cutting into their net worth. A 2025 LendingTree report found that nearly all (97.1%) U.S. adults age 66 to 71 had non-mortgage debt, including auto loans, credit card bills and even student loans.

Across the 50 largest metro areas, the median amount was more than $11,000.

If you're hoping to retire but are saddled with debt, you may want to consider downsizing, working with a debt relief company or even declaring bankruptcy. If you still have a home loan, refinancing your mortgage could improve your cash flow.

If you have a fair amount of home equity, home equity loans and reverse mortgages come into the picture. Since they use your house as collateral, however, both are risky propositions.

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