Here’s the Minimum Net Worth To Be Considered Middle Class in Your 60s
Written by
Cindy Lamothe
Edited by
Amber Barkley
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Curious whether your net worth puts you in the middle class these days? If you’re in your 60s — or getting close — it’s a good time to check in on where you stand.
After all, this is the decade when many people start eyeing retirement more seriously, downsizing or finally booking that dream trip.
But how much net worth does it actually take to be considered “middle class” at this stage? Here’s what the numbers say — and what they mean for your financial picture.
You Need at Least $750K to $1M
From his experience working with retirees, Andrew Lokenauth, money expert and owner of BeFluentInFinance, said you need at least $750,000 to $1 million in net worth to be solidly middle class in your 60s.
And he said that’s being pretty conservative — especially given how expensive healthcare and housing have gotten lately. According to a 2022 Fidelity Retiree Health Care Cost Estimate, the average retired couple at age 65 can expect to spend around $315,000 on healthcare expenses in retirement.
Many folks who hit their 60s with around $800,000 tend to feel fairly comfortable but not exactly wealthy. They can cover their basic expenses and have some wiggle room for travel or hobbies, but they’re definitely not living luxuriously.
There’s usually enough for the occasional splurge, like a trip to visit the grandkids or a nice dinner out, but not so much that they can coast without budgeting.
The sweet spot seems to be having your house paid off — which typically adds $300,000-$400,000 to net worth — plus another $500,000 or more in retirement accounts and other assets.
That combination gives you a sense of stability — knowing you’ve got a roof over your head and a decent chunk set aside for healthcare, rising costs and a little fun. It’s not private-jet money, but it’s enough for a middle-class lifestyle with some breathing room.
Location Makes a Massive Difference
Lokenauth works with people in places like San Francisco, where even $2 million barely feels middle class. But then he’s got clients in smaller midwestern towns living pretty well on half that — so these numbers really need adjusting based on where you live.
Kevin Shahnazari, founder and CEO of FinlyWealth, agreed that location is everything. For people who live in high-cost areas like San Francisco or New York, it might be hard to reach that figure, and you would need to have more assets to enjoy a similar quality of life.
A $1 million net worth is comfortably middle class for many people in their 60s, but medical expenses and a higher cost of living can eat into your yearly budget, especially if you’re dealing with chronic health issues or need long-term care down the line.
It’s just one more reason where you live and how you plan matter just as much as how much you’ve saved.
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Sources
- Andrew Lokenauth, BeFluentInFinance
- Fidelity, “How to plan for rising health care costs.”
- Kevin Shahnazari, FinlyWealth
