Age 65 is when Medicare generally kicks in. And for many people, reaching that age either spurs a discussion about planning for retirement or inspires an official workforce exit. For this reason, age 65 is a good time to take stock of your retirement assets and decide if you’re in a good place financially.
If you’re 65 with a $1.2 million nest egg, you’re well ahead of your peers. The Federal Reserve puts average retirement savings among Americans ages 65 to 74 at around $609,000 as of 2022, the last year for which it has data. With $1.2 million to your name (excluding your home and other non-retirement assets), you’re sitting on twice as much savings as the average person in your age range.
