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10 Steps to Increase Your Net Worth Above the Average 60-Year-Old

These key strategies can boost your financial standing in your 60s.

By Adam Palasciano

Edited by Chris Kissell

Updated Sept. 22, 2024

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Anyone who reaches their 60s knows that financial stability becomes more crucial than ever. Retirement looms, and that means living without a steady paycheck.

The median net worth of someone in their 60s is $446,703, according to retirement plan administrator Empower. The median means half are above the number, and half below it.

If you are looking to increase your net worth and surpass that figure, here are some wealthy money moves you can make to boost your financial standing.

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Pay off debts

Clearing debts such as credit card balances or loans should be a priority if you are looking to increase your net worth.

Debt can erode your wealth over time, so paying it off as soon as possible will free up more money for savings and investments.

Once you crush your debt, you can focus on wealth-building strategies to maximize your financial growth.

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Develop a plan with a financial advisor

One smart move you might make in your 60s is to consult a financial advisor. They can help you assess your current financial situation and develop a strategy tailored to your goals.

A financial advisor can help guide you through tax-efficient investment strategies or estate planning, for example.

Invest at least some money in stocks and funds

Even in your 60s, investing in stocks can be a crucial component of increasing your net worth.

While you may want to shift to a more conservative portfolio, keeping a portion of your investments in stocks offers the potential for your money to grow faster than it would in a high-yield savings account, for example.

Get a free stock valued between $5 to $200

Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.

Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.

Let’s say you want to invest $250, as an example.

With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.¹

Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.25% (as of 11/15/24) APY²on your uninvested cash³and the ability to buy and sell stocks 24 hours a day, 5 days a week.

Open and fund a Robinhood account and earn up to $200 in stock

Don’t retire early

Although it might be tempting, retiring early can limit your ability to grow your net worth.

Working longer allows you to continue to earn income so you can both delay drawing on retirement accounts and boost your Social Security benefits.

By staying in the workforce a bit longer, you give yourself more time to accumulate wealth so you can maintain financial security in your golden years.

Aim for promotions at work

Even in your 60s, it's possible to aim for promotions or seek higher-paying positions. Negotiate raises or try to move into more senior roles so you can significantly increase your income.

Climbing the career ladder later in life can result in a higher salary and larger retirement contributions, which directly impacts your net worth.

Cut back on your spending

Reducing unnecessary spending is a straightforward way to increase your net worth. Small changes — such as cutting back on dining out, unnecessary subscriptions, and luxury items — can free up money that you can invest or save for retirement.

Being mindful of spending habits allows you to keep more money working for you.

Grow Your $$: 11 brilliant ways to build wealth after 40

Consider downsizing your home

As you enter your 60s, it might be time to think about downsizing your home. A smaller, less expensive house can significantly lower your mortgage, insurance, and maintenance costs. That frees up more money to invest for your retirement.

Downsizing is a practical way to reduce expenses so you can boost your net worth.

Don’t spend money on fancy cars

Buying expensive cars can drain your savings and hurt your net worth. Cars are depreciating assets, meaning they lose value over time.

By opting for a reliable, affordable vehicle instead of a luxury model, you can save more money for investments that grow in value.

Seek out modest entertainment and vacation options

In your 60s, it’s important to be mindful of entertainment and vacation spending. Opt for modest options — like local trips or discounted travel — rather than extravagant vacations.

These small adjustments let you keep more money in your accounts, allowing you to prioritize long-term financial stability over short-term indulgences.

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SoFi has no account or overdraft fees⁵ and additional FDIC insurance up to $2 million on deposits is available through a seamless network of participating banks.⁶⁷ Plus, you can receive your paycheck up to 2 days early.⁸

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Open your SoFi account and set up direct deposit

Pick up an extra job or side hustle

If you have the time and skills, picking up a side hustle or part-time job is a great way to make extra money on the side and grow your net worth.

This additional stream of income can go directly into savings, investments, or paying down debt, allowing you to improve your financial standing more quickly.

Bottom line

Boosting your net worth in your 60s is within your control if you make the right millionaire moves. By following these steps, you can start investing strategically and set yourself up for long-term financial success.

Consider these steps as part of a retirement plan that helps you reach financial goals so you can enjoy your golden years stress-free.

More from FinanceBuzz:

Invest in Paintings by Basquiat, Picasso, Banksy

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