Here's the Average Retirement Savings That People 75 and Older Have Left

Tracking your remaining savings is critical to every retiree. And it can be tricky, because you not only need to compare what you're spending each year with your savings, but you also need to approximate how long your savings will last, i.e., your own longevity.

That last bit of information is a difficult and fraught one to determine, of course. But one way to look at your retirement finances is to compare them with what others have left in their accounts. That's one of the many reasons the Federal Reserve conducts its well-known triennial Survey of Consumer Finances. Data and analysis from the most recent survey, in 2002, were published in 2023.

One data set the survey collects is retirement accounts by age. According to the survey, Americans 75 or older have an average of about $462,400 left in retirement savings. That's less than those 55 to 64 ($537,600) and those 65 to 74 ($609,200) because, of course, most people in their 70s have been spending down their savings for a decade or more.

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But that data is a bit misleading because it's an average, and wealthier Americans drag that average higher (similar to data on average household income). So the average can be deceptive.

Perhaps a better number to consider is the median retirement savings for each cohort. That's the middle number, where half the population has more and half have less in retirement savings. For those 75 and older, the median savings is $130,000 according to Fed data. For those 55 to 64, it is $185,000, and for those 65 to 74, it's $200,000.

Net worth numbers are considerably higher

Those savings numbers, both the average and the median, are not the same as net worth, however. They include only IRAs, Keogh accounts (for the self-employed), and certain employer-sponsored plans, such as 401(k) accounts.

Net worth figures are higher across all groups because they include transactional accounts, such as checking and savings accounts, as well as nonfinancial assets, such as vehicles and residences. And of course, such assets can be liquidated to cover living expenses.

The average net worth for those 75 and older is much higher, around $1.6 million, and the median is $334,700, according to the data. That's primarily because most Americans' primary residence is their largest asset. About 66% of Americans were homeowners at the time of the survey. And housing wealth increased substantially in recent years as the rise in house prices far outpaced inflation.

When planning your retirement, it's important to take all of your assets into consideration.

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