How Much Money Should You Have by 60?
At 60, retirement is imminent. The median net worth peaks near $500,000, with the average at $1.8 million. Fidelity recommends 8x your salary. The focus shifts from accumulation to transition — building cash reserves, planning withdrawal strategies, and confirming healthcare coverage. The decisions you make now directly shape your retirement lifestyle.
Median vs. Recommended
On TrackNet Worth Benchmarks at Age 60
Where do you fall among Americans your age? Data approximated from the Federal Reserve Survey of Consumer Finances.
The 50th percentile (median) is highlighted. Average ($1.8M) is much higher than the median because the wealthy pull the average up.
Where You Should Be vs. Where Most People Are
Where You Should Be
- ✓$416K in retirement savings (8x salary)
- ✓12-month emergency fund
- ✓No high-interest debt
- ✓Saving 15%+ of income
Where Most People Are
- ~$500K median net worth
- ~$52K median household income
- ~Average savings rate: 4–6% of income
- ~39% of Americans can't cover a $400 emergency
Financial Milestones Checklist for Age 60
Recommended Investment Allocation at 60
A general rule of thumb: subtract your age from 110 for your stock percentage. Adjust based on your risk tolerance and retirement timeline.
Common Financial Mistakes at 60
Behind at 60? Here's How to Catch Up
Every year of additional work and saving makes a meaningful difference. Focus on what you can control.
Retirement Readiness Checklist
Get Glen’s Updates
Investing insights, new tools, and whatever I’m building this week. Free. No spam.
Unsubscribe anytime. I respect your inbox more than Congress respects property rights.
Frequently Asked Questions
How much should I have saved at 60?
Fidelity recommends 8x your annual salary by 60. On a $52,000 salary, that's approximately $416,000. The median net worth at 60 is about $500,000. Being above the 8x target with a clear withdrawal plan puts you in a comfortable position for retirement.
Can I retire at 60 with $500,000?
Using the 4% rule, $500,000 supports about $20,000/year in withdrawals. Combined with Social Security (starting at 62 or later), this may be sufficient depending on your lifestyle and location. However, you'd need to bridge healthcare costs until Medicare at 65, which can cost $800–$1,500/month for ACA marketplace coverage.
What is the average retirement savings at 60?
The average retirement savings for Americans aged 60 is approximately $230,000–$280,000 according to various surveys. The median is lower. However, total net worth including home equity reaches a median of about $500,000 at this age.
How should I invest at 60?
A 55/35/10 split of stocks/bonds/cash is common at 60. Keep enough in cash and short-term bonds to cover 2–3 years of spending, so you don't have to sell stocks during a downturn. The remainder should still include stocks for inflation protection over a potentially 25–30 year retirement.
When should I sign up for Medicare?
Initial enrollment begins 3 months before you turn 65 and lasts 7 months total. Missing this window can result in permanent premium increases of 10% per year. If you're still working at 65 with employer coverage, you may delay Part B without penalty. Visit medicare.gov or call 1-800-MEDICARE for specifics.
Explore Other Ages
Recommended Resources
Tools & books I actually use and recommend
Interactive Brokers
Low commissions, global market access, and professional-grade tools. This is where I hold my positions.
Open an AccountA Random Walk Down Wall Street
Burton Malkiel's classic case for index investing. The book that convinced millions to stop stock-picking.
View on AmazonThe Intelligent Investor
Ben Graham's timeless guide to value investing. The book Warren Buffett calls "the best investing book ever written."
View on AmazonSome links above are affiliate links. I only recommend products I personally use. See my full disclosures.