Here's the Average Retirement Savings of 86-Year-Old Americans (How Do You Compare?)

You may have a good idea of what you want to have saved when you retire, but what number is suitable after you've been retired for a while? That's the question many people in their mid-80s, or their adult children, may be asking, especially if they are concerned about a quickly dwindling nest egg.

We'll share a national savings comparison, along with what else to consider for a full retirement plan picture. Use the data and other relevant information to see if you're where you should be for your age and stage of retirement.

The average and median retirement balance

The 2025 Survey of Consumer Finances put the average retirement account balance for retirement account-owning households of those 75 and older at $798,710. If that seems like a lot, you may take solace in the median number, which is less affected by very large account balances. At $257,000, this number sits firmly in the middle of households in this age group that owned retirement accounts, with half having higher balances and half having lower balances.

These numbers are not for 86-year-olds specifically, as the data was collected by age bracket. The 75-and-older group includes this cohort, however, so it offers a broad peer comparison and not a personalized savings target.

Most households this age don't have a retirement account

These account balance numbers were also for entire households and may include both spouses' retirement accounts; households without retirement accounts weren't included in the balance calculation. In 2025, only 44.6% of households headed by someone 75 or older had a retirement account.

Does that mean these households have nothing to live on in older age? Not necessarily, and we'll get to that later.

Small balances may equal years of withdrawals

Retirees may have smaller accounts simply because they've been using them as intended, and that's not necessarily a bad thing. 

Whether retirees actually need the money they pull out of retirement accounts depends on their circumstances. Required minimum distributions (RMDs) don't depend on whether the cash is needed for living expenses; retirees still have to take the required amount out of applicable accounts. Money they don't need to spend can be saved or reinvested outside the retirement account.

One thing to note: The SCF compares different age groups as a snapshot in time. The data doesn't follow households as they age, so it doesn't prove that every household's retirement account balance falls as it gets older.

More than account balances matter in older age

It would be shortsighted to ignore how big a role Social Security payments play in a retiree's budget, which is why a shrinking retirement account balance doesn't tell the whole story. Benefits can increase through cost-of-living adjustments (COLAs), which are based on a federal inflation measure but may not match changes in a particular retiree's expenses.

And there are assets to consider, too. A paid-off home provides security with no rent or mortgage payments to deal with. Yes, there are property taxes, insurance, and maintenance to consider, and these still need a place in the broader picture of savings, income, and expenses.

Instead of looking at retirement savings alone, seniors should ask how much those savings need to cover after accounting for Social Security and other income, including any gaps created by growing bills.

Long-term care changes the picture

There's also a big difference in budgetary needs between an 86-year-old living independently at home and one who needs round-the-clock personal assistance or nursing care. Some seniors of this age sit somewhere in between, relying on more services as their needs change.

Medicare doesn't pay for long-term custodial care, such as help with bathing, dressing, and other daily activities, whether it's provided at home or in an assisted living or nursing facility. Medicare may cover qualifying short-term skilled nursing care, but that is different from long-term custodial care. Seniors may need to pay these often very expensive bills themselves unless they qualify for Medicaid or have other coverage, such as long-term care insurance.

That cost may matter more in the retirement account balance discussion than anything else.

Make the finances easier to manage before it's a crisis

86 is an age where estate planning and care wishes should be handled (if they haven't been already). With the help of an authorized and trusted family helper, go over this list of must-do matters:

• Inventory all retirement and bank accounts, insurance policies, income sources, and recurring bills. Make sure someone can pay for things if you become ill or incapacitated by giving them account access contingent on needing it.
• Evaluate scattered accounts for possible consolidation. This can simplify management both as you age and after you leave matters for your heirs.
• Review both primary and contingent beneficiary designations and let people know what's required. Inherited retirement accounts carry distribution rules, so accurate beneficiary records become very important.

Get your estate in order

Finally, locate and review your estate-planning documents with a professional, and discuss durable financial power of attorney, health care power of attorney, and decision-making power if you can't make decisions on your own.

While these actions may not affect your budget numbers now, any change in health or financial stability can quickly make them relevant. Being prepared reduces stress on you and your loved ones, while ensuring your wishes are more likely to be carried out.

Bottom line

The 75-and-older retirement account data includes households headed by 86-year-olds, but it doesn't establish a number you must meet for true financial security. Instead, consider your income and expenses and what you can do now to avoid disruptive or costly mistakes as you age.

And if things become difficult, consider the senior benefits available to you. The National Council on Aging (NCOA) estimates that eligible older adults left $58 billion in benefits unclaimed in 2023 across the Supplemental Nutrition Assistance Program (SNAP), Supplemental Security Income (SSI), and Medicare Savings Programs. If you need help, check your eligibility through BenefitsCheckUp so you can stay secure through your 80s and beyond.

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