11 Signs You’re Doing Better Than the Average American Over 65

The word "retirement" typically conjures up images of days spent golfing, traveling, and visiting grandchildren. However, the reality for many seniors is much different.

Many Americans aged 65 and over are concerned about fixed incomes, increasing health care costs, and the double-edged sword of lingering debt and rising expenses. Curious about your financial fitness compared with others entering retirement years?

Here are 11 indicators to tell how you're doing financially against others in your age group.

Your average credit card debt is below $6,795

According to an Experian study, $6,795 was the average credit card balance for baby boomers.

This was almost on par with that of the general population ($6,735), but these debt payments can be hard to make once you're past your working years or living on a fixed income.

Your Social Security income is greater than $1,931

The average monthly benefit as of March 2026 was $1,931.05.

The amount of your monthly Social Security payment during retirement depends on how much you earned during your working years and at what age you elected to receive payments. For those retiring at 65, the maximum benefit in 2026 is $4,152.

Social Security isn't your main income source

Data from the Social Security Administration show that among beneficiaries, 39% of men and 44% of women receive 50% or more of their income from Social Security.

Additionally, 12% of men and 15% of women beneficiaries report that Social Security represents 90% or more of their total income.

If you've saved enough to supply yourself with more than your Social Security deposit during retirement, you're probably glad you did.

Your income is greater than $56,680

This is the median income for American households aged 65 and older. This level of income isn't exactly living in the lap of luxury. So even if things feel tight, if you're above this number, you're making more money than most. 

Your annual expenditures are below $56,680

The median income for seniors is about half the amount of their annual expenses, which doesn't bode well. If you're over 65 and living within your means, you're succeeding financially.

You can afford to stop working

Just the act of retiring at 65 means you're doing well for yourself. As of 2025, over 11 million Americans aged 65 and older were either still in the labor force or actively looking for work. That translates to about 22% of them.

You spend less than a third of your income on housing

As of 2023, 34% of older Americans spent a third or more of their income on housing-related expenses. Of those housing-burdened seniors, homeowners spent about 37% and renters spent 76% of their income on housing.

Paying off your home or finding an affordable rental will put you ahead financially during your golden years.

You've paid off your mortgage

According to Federal Reserve data from 2024, a little over 29% of people 65 to 74 still have a mortgage. The median amount of mortgage debt is $263,180.

Paying off your house relieves you of your monthly mortgage obligation and will make managing your money even easier. 

You pay less than $7,540 in out-of-pocket health care costs

It's no secret that health care comes at a hefty cost for most Americans, and even more so for people over 65, many of whose health is declining.

In 2022, consumers 65 and older paid an average of $7,540 each year in out-of-pocket health care costs. Those who can manage to keep medical expenses low are those who are both healthier and wealthier.

You have over $120,300 in assets

The median worth of a senior's (age 65-74) assets is $120,300 as of 2022. This includes stocks, bonds, real estate, cash-value life insurance, CDs, retirement accounts, and other types of assets.

If you've amassed more assets than this over your working years, you're definitely ahead of your peers.

Your net worth is over $410,000

This financial indicator is calculated by subtracting what you owe in debt (credit cards, car notes, mortgages, etc.) from the value of your assets (retirement accounts, savings, real estate, etc.).

The median net worth for people aged 65-74 is $410,000, so if yours is greater than this, you're sitting pretty.

Bottom line

While comparisons like these are fun, the real question is, "Do I have enough resources to meet my needs and wants?" For instance, you may have no debt whatsoever. But if you have to supplement your Social Security income, that achievement won't matter much.

Whether preparing your finances for your golden years or managing your money in retirement, the same principles apply: Live within your means, pay down your debts, and boost your bank account so you can live comfortably for many years to come.

You May Also Like

23 Ways To Get Money Without Getting A Second Job

By FinanceBuzz Editors

How To Save Money on Car Insurance: 12 Ways to Lower Rates

By Elyssa Kirkham

10 Things Seniors Born Between 1941-1969 Could Take Advantage Of

By FinanceBuzz Editors

19 Dumbest Things Smart People Waste Money On

By Team FBZ

7 Moves If You Want to Stop Living Paycheck to Paycheck

By FinanceBuzz Editors

7 Clever Ways to Crush Your Debt

By FinanceBuzz Editors

Save Money and Get Huge Discounts on Everyday Purchases

AARP Benefits

• Huge discounts on travel, groceries, prescriptions and more
• Access to financial planning resources and health tools
• Join AARP and get 25% off with automatic renewal

Become a member now!

---

Subscribe Today

Learn how to make an extra $200

Get vetted side hustles and proven ways to earn extra cash sent to your inbox.

or

Subscribe Now →

By submitting this form you agree to receive emails from FinanceBuzz and to the privacy policy and terms