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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.
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.
Read More: Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
