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If you’re approaching age 60, or passed that milestone a few years ago, the good news is that you’re part of the wealthiest generation in history. With combined assets worth $85 trillion, Baby Boomers are the richest age cohort, according to the Washington Post (1).
The bad news is that this colossal pile of money is unevenly distributed.
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Some Baby Boomers are entering retirement with barely any savings, or even worse: enormous debt. Others have just enough to enable a modest retirement, but no room for error or luxuries. And a small cohort at the top has a disproportionate share of this massive fortune.
So, where do you stand? Here’s a closer look at the average and median retirement savings for Americans in their 60s as of 2026.
Average wealth for 60-year-olds
A typical American adult has roughly $547,840 in retirement savings, as of March 2026, according to data from the Empower Personal Dashboard (2).
However, this is the average for all age groups. For those in their 60s, the average balance is significantly higher: $1,228,196.
Simply put, you need to be at least a millionaire to be considered average in this age group.
However, this number doesn’t paint the full picture. Average wealth is significantly skewed by a small group of ultra-wealthy millionaires and billionaires. The 62-year-old Jeff Bezos, alone, probably moves the needle here with his $269 billion fortune, according to Bloomberg (3).
For a more accurate representation of wealth, median retirement savings could be a better measure.
According to Empower, the median wealth for someone in their 60s is $568,116. If you have at least that much saved up for retirement, you’re ahead of 50% of people in your age group.
Whether you’re above or below this threshold should probably shape your financial plans for the next few years. Here’s how you can either catch up or continue building momentum.
If retirement is imminent, your appetite for risk has potentially diminished.
At this stage, you need a reliable way to boost savings. Delaying your retirement and Social Security claim by a few years, for example, could be the “safe” bet you’re seeking.
Similarly, instruments like a Certificate of Deposit (CD) can help you lock in a fixed rate of return for a short- or medium-term. The key is to find an attractive rate. And platforms like CD Valet can help you find higher-yield options that work for you, whether you’re saving for something soon or building a cushion for the long haul.
Rental income from real estate could also be an option worth considering.
You don’t need six figures to get started when platforms like Arrived help you buy fractional shares of robust cash-flowing properties.
Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.
If you’re a multimillionaire in your 60s, your top priority is preserving wealth. That means careful tax planning and diligent diversification.
A gold IRA, for instance, could help you combine the “safe haven” aspects of this precious metal with the tax advantages of a traditional IRA. Platforms like Goldco can facilitate these accounts so that you can hold either gold ETFs or physical gold in a tax shield.
As for minimizing taxes, you don’t need to familiarize yourself with the lengthy and ever-changing tax code. Hiring a financial advisor, potentially backed by a reputable financial brand, could be one of the savviest moves for wealthy retirees.
If you prefer a hands-off, tech-forward approach to building wealth, Vanguard’s Digital Advisor puts the investing expertise of one of the world’s largest asset managers right at your fingertips.
It takes the guesswork out of investing by building a personalized portfolio for you using Vanguard’s well-known low-cost ETFs and mutual funds — then keeps things running smoothly with automatic rebalancing.
The platform also offers guidance on saving for retirement and lets you set additional goals as your life evolves.
It can even help you think through debt repayment strategies, potentially freeing up more cash to invest toward your long-term plans.
