What the official data says at 60
The most reliable picture of British wealth comes from the ONS Wealth and Assets Survey (April 2020 to March 2022 round). For households whose head is aged 55 to 64 — the band that covers age 60 — the median household net worth is £496,500. That is above the median for all GB households (£293,700) and 99% of the peak-age band, 65 to 74, at £502,500.
Two caveats before you compare yourself. These are household figures — couples pool assets, so a single person should expect a lower number. And the ONS has suspended accreditation of this survey from the 2020–22 round while it works on response-rate quality, so treat the figures as the best available official estimate rather than gospel.
| Age of household head | Median household net worth |
|---|---|
| 16 to 24 | £15,200 |
| 25 to 34 | £109,800 |
| 35 to 44 | £209,600 |
| 45 to 54 | £301,900 |
| 55 to 64 | £496,500 |
| 65 to 74 | £502,500 |
Source: ONS Wealth and Assets Survey, April 2020 to March 2022. Median across all GB households: £293,700.
Decumulation planning at 60
At 60 you are in the upper half of the ONS 55 to 64 band (median £496,500) and the question flips from accumulation to decumulation: how do you turn household wealth — 40% of which is typically property and 35% pensions — into reliable income? The state pension is close (state pension age is currently 66 and rising to 67), and bridging the years until it starts is the classic planning problem at this age.
Sequencing matters more than most people expect. Drawing taxable pension income while still working stacks it on top of salary and can push you into 40% territory; waiting until you stop work lets the same withdrawals fall into the personal allowance and basic-rate band instead. Pension income also escapes National Insurance entirely, so £30,000 of drawdown keeps more of itself than £30,000 of salary. See our pension income by pot size family for the exact tax arithmetic.
Median vs mean: why "average" is slippery
Every figure on this page is a median — the middle household if you line everyone up. The ONS uses the median as its headline measure precisely because wealth is so heavily right-skewed: a small number of very wealthy households drag the mean far above the median, so mean ("average") figures quoted in the press can be double the median or more. The ONS publishes mean estimates in its downloadable datasets, but if you want to know what the typical household at 60 has, the median is the honest number.
What counts as net worth
The ONS definition is total household wealth minus debts, built from four components: net property wealth (your home's value minus the mortgage — 40% of all GB household wealth), private pension wealth (35%), net financial wealth (savings and investments minus loans and card debt — 14%) and physical wealth (cars, contents and other possessions — 10%). Note how dominant pensions and property are: most British wealth is not money you can spend this month.
Growing your net worth at 60
The highest-value moves at 60: get a state pension forecast, fill cheap NI gaps, map which accounts to draw first (usually ISA and taxable first, pension last for IHT reasons — though the April 2027 pension-IHT change weakens that logic), and stress-test the plan against a market fall in year one. See average salary at 60 and our pension income pages.
Frequently asked questions
What is the average net worth at 60 in the UK?
The ONS Wealth and Assets Survey (April 2020 to March 2022) puts median household net worth at £496,500 for households whose head is aged 55 to 64 — the band covering age 60. The median across all GB households is £293,700. These are household figures, not per person, and include pensions and property.
Does net worth include pensions and property?
Yes. The ONS measure counts net property wealth (40% of GB household wealth), private pension wealth (35%), net financial wealth (14%) and physical wealth (10%), minus debts such as mortgages and loans.
Why is the mean net worth higher than the median?
Wealth is heavily right-skewed: a small number of very wealthy households pull the mean far above the median. The ONS uses the median as its headline measure because it describes the typical household; 'average' figures quoted elsewhere are often means and look much larger.
Is £500,000 enough to retire at 60?
It depends on spending. The 55 to 64 band median of £496,500 includes property, so liquid retirement wealth is usually much less. A £500,000 pension pot supports roughly £20,000 a year on the 4% guideline — see our pension income pages for the after-tax arithmetic.
Work out the income side of the equation
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