How Much Does the Average 70-Year-Old Have in Savings? (2023)

How much does the average 70-year-old have in savings?According todatafrom theFederal Reserve,the average amount of retirement savingsfor 65- to 74-year-oldsis just north of $426,000.

(Video) Average Net Worth in Retirement | Age 65, 70, 75

While it’s an interesting data point,yourspecificretirement savingsmay be different from someone else’s.Thebetter questiontoaskmightbe,how muchsavings do you needtobe comfortable in retirement?


The idealretirement planinvolves generating multiple streams of incometo providebothstability and tax flexibility in retirement. Here are a fewpotential components of awell-diversified retirement plan:

In addition to savingsand investments,you can also tap intovarious sources ofguaranteed income in retirement.Guaranteed incomestreams areinsulated frommarketvolatility, making them saferand more reliable.


No matter how much money yousave for retirement, it’ll only go as far as your lifestyle allows.Thinkabout what you want fromretirementand whetheryourcurrentsavings ratecan realisticallysupport that vision, based on conservative assumptions about risk and future returns.If not, you may need to tweak your savings strategy or compromise to adjust your expectations.

As you determine your retirement savings target, the4-percent rulecan be agoodstartingpoint— thoughit’snot acomprehensive plan. This issimplya general rule that recommends withdrawing 4 percent from your savings during your first year of retirement. You then continue to withdraw the same amount each year, plus a little extra to account for inflation.

(Video) How Much Money You Should Have Saved At Every Age | Retirement Savings By Age

Your retirement savings plan should be tailored to your unique goals and financial situation.A financial advisorcan help you create a plan that works for you.

Income annuities have no cash value. Once issued, this annuity cannot be terminated (surrendered), and the premium paid for the annuity is not refundable and cannot be withdrawn. The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.


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