If you’re planning your own retirement, you probably have a retirement savings goal in mind. Americans believe the “magic number” they need to retire comfortably is $1.26 million, according to a survey by Northwestern Mutual.

Comparing your number with the actual net worth of retirement age American seniors should give you an idea of how realistic your long-term financial plan is and what kind of lifestyle you can expect in your golden years.

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Here are the six levels of wealth for senior-led households between the ages of 65 and 69, based on the Federal Reserve’s Survey of Consumer Finances from 2022.

1. Financially vulnerable (Household net worth $69,500 and under)

Seniors with a net worth of less than $69,500 fall into the bottom 25% of retirees. This group is particularly vulnerable to financial shocks and highly dependent on public safety net programs such as Social Security and Medicare.

If you’re approaching retirement with less than this number, it could be a good idea to look for additional income, more ways to save money or even potentially delay your retirement to be less vulnerable in your senior years.

If you’re just starting to think about your retirement, it’s important to start saving immediately. The best part? You don’t need a lot of money to start saving for your long-term financial goals. With that said, the sooner you start the more time you have to earn interest.

On that note, it can also pay to make sure you’re getting the highest interest rate you can on any savings accounts you have.

2. Lower middle class (Household net worth between $69,500 and $394,300)

The median net worth of these households is $394,000, according to the Federal Reserve. If your wealth is under this benchmark, around half of all senior households in this age group are wealthier than you.

This cohort isn’t necessarily financially vulnerable. However, this is far from a comfortable retirement. Seniors in this bracket may be forced into a tight budget, cutting costs where possible.

Shopping around for home insurance providers can help make more space in your budget. With OfficialHomeInsurance.com it takes just two minutes to comb through over 200 insurers, for free, and find the best deal for you in your area. The process can also be done entirely online.

Similarly, OfficialCarInsurance.com can help you switch to a more affordable auto insurance option within minutes. After answering a few questions about yourself and your vehicle, you can immediately compare quotes from trusted brands like Progressive, Allstate and GEICO.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

3. Solidly middle class (Household net worth between $394,300 and $1.16 million)

Seniors with a net worth that places them between the 50th and 75th percentiles could be described as middle class.

This means access to a more comfortable retirement. But if much of your net worth is trapped in an illiquid asset, such as your house or business, you may need to find easier ways to access cash in your golden years.

One option, that can provide some tax advantages, is to open a gold IRA with the help of Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, combining the tax benefits of an IRA with the inflation-resistant nature of gold investing. This can make for an attractive option if you want to hedge some of your retirement fund against economic uncertainties.

Just keep in mind that gold works best when combined with other diversified investments.

To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

4. Upper middle class (Household net worth between $1.2 million and $2.9 million)

Making it to the upper middle class can be the first major hurdle to securing a retirement lifestyle consistent with your highest earning years.

It’s also when the very real threat of lifestyle creep can take hold. After all, now that you’ve almost made it, why not let loose with a little more luxury? But living below your assets now can pay dividends later.

To keep yourself on track, you could consider reassessing your budgeting practice with a personal finance concierge such as Monarch Money, which connects to over 11,200 financial institutions. This means you can have a top-down view of your bank accounts and investment portfolios once you add your accounts — and even digital assets like crypto if you’re using Coinbase.

Services like Monarch aren’t just about monitoring your finances. They’re about actively planning and tracking your financial goals, including trying to chart a course into the top 10% of households. To that end, Monarch offers a net worth tracker that includes your bank accounts, credit card debts, investments, loans and even property values synced with Zillow so you can monitor your progress.

You can also get 50% off an annual subscription with code MONARCHVIP.

5. Affluent (Household net worth $2.9 million or more)

Only the top 10% of senior households between the ages of 65 and 69 have a net worth above $2.9 million. These affluent retirees are usually former bankers, lawyers, C-suite executives or business owners who are accustomed to a lavish and financially free lifestyle.

If you’re a high earner planning for retirement, the gates to this prestigious club should be within reach. However, you still need robust saving habits and resilient investments over the long term to get there.

Diversification can help, because it ensures you aren’t overly invested in any one asset. There are many ways to go about this aside from gold, including investing in real estate.

Platforms like Homeshares allow accredited investors to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund.

Their fund can provide an effective, hands-off way to invest in high-quality residential properties. You can diversify your portfolio into real estate across regional markets, with a minimum investment of $25,000.

With risk-adjusted target returns ranging from 14% to 17%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities as a low-maintenance alternative to traditional property ownership.

But gold and real estate aren’t the only tools for diversifying your portfolio.

You could also consider investing in art with Masterworks. Their platform has given over one million users the opportunity to invest in pieces from artists including Banksy, Basquiat and Picasso.

From their 23 exits so far, Masterworks investors have realized representative annualized net returns like +17.6%, +17.8% and +21.5% among assets held for longer than one year. To see if you qualify, you can find out more about investing with Masterworks here.

See important Regulation A disclosures at Masterworks.com/cd.

6. Top 1% (Household net worth $21.7 million or more)

Only the top 1% in this bracket have a net worth over $21.7 million. This is the ultra-wealthy group that most Americans can only dream of belonging to.

If you fall into this group, your retirement plan probably looks a little unconventional. You may be less focused on budgeting and more focused on asset allocation, tax optimization and estate planning.

Making sure you have the right life insurance policy is essential for preserving your legacy and passing on your wealth to your loved ones. Life insurance payouts are also generally tax-free and can provide up to $12.92 million for beneficiaries.

Ethos Life Insurance is a modern life insurance company that offers a seamless, online process for purchasing term life insurance. Ethos doesn’t require medical exams for most applicants either, which can help you achieve peace of mind quickly.

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  • Some advertisements and offers on this page are from advertisers who pay us. That may influence which products we write about, but it does not affect what we write about them. Here’s an explanation of how we make money and our Advertiser Disclosure.Still thinking about summer travel? Don’t miss these limited-time travel credit card offersKendall Little · Senior Writer, Credit CardsMon, July 14, 2025 at 9:54 AM CDTIt’s been a great summer for big savings on flights and hotel stays, thanks to increased welcome bonuses from many of our best travel credit cards.But these boosted offers only last a short time. On July 16, offers from United Airlines, Delta Air Lines, and Marriott Bonvoy will all expire. 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