Vishesh Raisinghani

Fri, Jun 13, 2025, 3:14 AM5 min read

If you’re planning your own retirement, you probably have a retirement savings goal in mind. Americans believe the “magic number” they need to retire comfortably is $1.26 million, according to a survey by Northwestern Mutual.

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Comparing your number with the actual net worth of retirement-age seniors should give you an idea of how realistic your long-term financial plan is and what kind of lifestyle you can expect in your golden years.

Since the average age Americans expect to retire is 66 and medicare is available to those 65 and older, we looked at the net worth of households led by seniors of ages 65 to 69. Net worth is the total value of everything owned minus what is owed (liabilities).

Here are the six levels of wealth for these senior-led households, based on the Federal Reserve’s Survey of Consumer Finances from 2022.

1. Financial vulnerable (Household net worth $69,500 and under)

Seniors with less than $69,500 in net worth fall into the bottom 25% of retirees. This group is particularly vulnerable to financial shocks and highly dependent on public safety net programs such as Social Security and Medicare.

If you’re approaching retirement with less than this number, it could be a good idea to look for additional income, more ways to save money or even a potential delay to your retirement so that you can be less vulnerable in your senior years.

2. Lower middle class (Household net worth between $69,500 and $394,300)

The median net worth of these households is $394,000, according to the Federal Reserve. That means if your wealth is under this benchmark, around half of all senior households in this age group are wealthier than you.

This cohort, which can best be described as lower-middle class, isn’t necessarily financially vulnerable. However, this is far from a comfortable retirement. Seniors in this wealth category may have to stick to a tight budget.

3. Solidly middle class (Household net worth between $394,300 and $1.16 million)

Seniors with a net worth that places them between the 50th and 75th percentiles could be described as middle class.

This means you have access to a more comfortable retirement. However, if much of your net worth is trapped in an illiquid asset, such as your house or private business, you may need to find ways to create liquidity in your senior years.