/images/2023/09/14/woman_using_laptop.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
:format(webp)/images/2026/08/12/cash-65-year-old.png)
/authors/chris_kissell_updated.png)
/authors/laura_hohenstein_headshot.jpg)
Add Us On Google
Americans who are 65 have either retired or are about to stop working relatively soon. There is a good chance they have already crafted a retirement plan and are ready to enjoy their golden years.
But how much money does a typical 65-year-old really have in the bank?
If you are this age, see how your retirement savings stacks up against your peers, and learn whether you need to do more to improve your financial standing.
The average savings for 65-year-olds
The average savings of someone who is in the age range of 65 to 74 and who lives in the U.S. is $100,250, according to the most recent numbers available in the 2022 Federal Reserve Survey of Consumer Finances.
If that sounds like a lot of money, know that there is a good reason why the average is so high.
The biggest factor that inflates the average is the fact that the richest people between the ages of 65 and 74 push the average much higher than it otherwise would be.
In addition, 65 is the low end of that age range. If you are 65, there is a chance you have saved less than someone who is 74, for instance.
The median savings for 65-year-olds
The median savings offers a potentially more accurate way to determine how much a typical 65-year-old has in the bank.
The median represents the midpoint in a dataset. In other words, half the values are above the median, and half below.
The median savings of someone who is in the age range of 65 to 74 is $13,400. That number is around seven times less than the average, and it offers a more realistic view of how much the typical 65-year-old has in their bank account.
For example, you could earn up to 4.40% APY on your savings balance with direct deposit. (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +1.10% APY Boost) for up to 6 months on new accounts.2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
SoFi also offers more special features than any other account combo we looked at: No account fees: No overdraft fees.3 <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p> No minimum balance fees. No monthly fees.4 <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p> Get paid up to two days early: Feel the magic of payday up to two days earlier — automatically — when you set up direct deposit.5 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> Access additional FDIC insurance up to $3M: Typically, single-member deposit accounts are federally insured up to $250,000. With SoFi, FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.6 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Open an account with SoFi here.
SPONSORED
What does 'cash in the bank' mean?
For our purposes, "cash in the bank" represents money that typically is defined as "savings."
In this context, cash in the bank includes liquid money kept in checking, savings, or money market accounts. It does not include the following:
- Retirement accounts
- Brokerage holdings
- CDs
- Home equity
The sources of wealth listed above typically dwarf what most families have in liquid savings, so it is important to keep that context in mind.
What 'cash in the bank' tells you
For many people, the years between 65 and 74 represent their peak in terms of holding liquid cash. You can expect the balance to decline in the years after that as you spend down savings.
Also, remember that for most people, liquid savings are much smaller than the amount of money folks keep in retirement accounts or that they have accumulated in home equity.
Keep in mind that these figures come from the Federal Reserve's 2022 Survey of Consumer Finances. The most recent survey is for 2025, and it will not be published until late this year.
How 65-year-olds can improve their financial standing
Regardless of whether you have a little or a lot in savings, there are things you should do to strengthen your financial foundation.
For example, everyone should keep money in an emergency savings fund. Experts typically recommend maintaining enough in an emergency savings account to cover at least three months of expenses.
Unfortunately, surveys have found that very few Americans have an emergency account of this size.
In addition, creating a budget and finding ways to trim unnecessary spending can help you shore up your bottom line.
Finally, some retirees might find that taking on part-time work or developing a side hustle are good ways to keep a step ahead of their bills.
Striking the right balance at 65
Someone who is 65 is either retired or nearing their golden years. Many of these folks can expect a long retirement ahead.
That reality means 65-year-olds need to strike a balance that keeps some money in safe, low-yielding savings accounts while also taking calculated risks in the stock market with some of their other cash.
For many 65-year-olds, the right balance might be maintaining a year or more of expenses in accessible cash in a high-yield savings account, while also keeping a sizable amount of money in investments that offer the opportunity to outpace inflation.
There is no single answer that makes sense for all retirees. Your own financial wants and needs will determine the right balance for you.
If you are unsure of the proper mix, consider talking to a financial advisor or other money professional.
Bottom line
The typical 65-year-old has around $13,000 tucked away in savings. This is a relatively small figure, but building on it is well within reach of many people this age.
If your savings are lagging, consider taking on part-time work or developing a side hustle that can put extra cash in your pocket. Keep working until you accumulate enough in the bank to allow you to relax and enjoy your golden years in style.
Would You Spend Ten Minutes for $1,465?
That's roughly the year's difference on $40,000 between the national average and the up-to-4.00% rates available now. And ten minutes isn't a figure of speech. You just provide some information, like your name, address, Social Security number, and the account your deposit money's coming from. But rates are variable and follow the market, which is why the only number worth acting on is today's. Compare the current top accounts here.
/images/2021/04/21/adobestock_192812280_1200x628.jpg)
/images/2019/12/06/smart_strategies_to_save_money_on_car_insurance.jpg)
/images/2025/01/28/adobestock_628402894_1.jpeg)
/images/2024/09/04/adobestock_669069249_editorial_use_only_1.jpeg)
/images/2020/03/02/tattoo-woman-bar.jpeg)
/images/2020/12/21/smiling-couple-looking-at-laptop-screen.jpeg)
Intro Offer
UNLIMITED CASHBACK MATCH: Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. Click Apply Now to view important rates and disclosures. Plus, receive a $200 statement credit when you spend $500 on purchases in your first 3 months of account opening
Annual Fee $0 Why we like it
/images/2025/01/23/discover_it_cash_back_card_art_gold.png)
/images/2023/09/14/woman_using_laptop.jpg)
/images/2023/05/25/smiling_woman_at_atm.jpg)
/images/2023/06/02/woman_using_an_atm.jpg)
/images/2026/11/10/jay-leno.jpg)
/images/2025/10/13/happy-man-holding-bills-adobe.jpg)
/images/2026/10/30/senior_couple_looking_at_expenses_on_laptop.png)
/images/2026/05/26/happy-senior-woman-credit-card.jpg)
/images/2025/12/04/senior-looking-at-calendar.jpg)
/images/2025/09/17/federal-reserve.jpg)
/images/2024/04/28/stressed-couple-reviewing-bills_-together.jpeg)
/images/2026/11/06/mom_with_teen_daughter_discussing_finances.png)
