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.
Grow Your $$: 11 brilliant ways to build wealth after 40
1. 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.
Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.
2. 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.
3. 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.
Are you a homeowner? Discover 8 savvy money moves to stretch your budget
4. 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.
5. 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.
6. 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.
Find Out: 8 must-do things before 60 for a stress-free retirement
7. 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.
8. 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.
9. 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.
Can you retire early? Take this quiz and find out.
10. 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.
Money tips that can work for everyone
No matter what your bank account balance is, there's always an opportunity to optimize and improve your finances. Here's a quick checklist of things you can look at today.
Focus on paying off your debt. Debt can hold you back from making progress with your overall financial well-being. Aside from cutting expenses, there are tools that can help you pay off debt faster like balance transfer credit cards and debt counseling.
Earning extra income can give you breathing room. If finances are tight, earning some extra money to supplement your income can make a huge difference. A new job is one option to consider, but if you're not ready to make a big change or already retired, a part-time side job could be a better choice.
Cut your expenses. It sounds painful and so not fun, but it doesn't have to be. Take a look at your biggest expenses because that's where you'll probably find the biggest savings. For example, auto insurance rates have been soaring so shopping around for a new insurance company can be the fastest way to cut your bill. Also, look for ways to cut your grocery bill (despite rising inflation).
Local News
