Retirement is often thought of as the reward after decades of work. The alarm clock is quieted, the calendar is opened, and time finally belongs to those who deserve it. For many Americans, however, the arrival of retirement brings more uneasiness than relief.
A national LiveCareer survey found that 61% of working-class Americans say they fear retirement more than they fear death, primarily due to financial concerns. Instead of imagining travel or hobbies, many people worry about whether their savings will last, how much daily life will cost, and what will happen if expenses grow faster than expected.
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This anxiety is heightened among married couples, who have to plan for not just one retirement, but two people with different income histories, life expectancies, and health care needs. These concerns are not unfounded. A 2024 AARP survey found that 20% of adults over 50 have no retirement savings at all, while 61% worry they won’t have enough money to survive retirement.
Data from the Federal Reserve’s Survey of Consumer Finances show how wide the gap is between what the average household owns and what the typical household actually owns.
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Under 35: Average retirement savings is $49,130, while median balance is just $18,880
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Ages 35 to 44: Average retirement savings rises to $141,520, but median is $45,000
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Ages 45 to 54: Average balance reaches $313,220, while median balance is $115,000
Ages 55 to 64: Average retirement savings climb to $537,560, median $185,000
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Ages 65 to 74: Average balance tops $609,230, but median balance is $200,000
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The contrast between the mean and median highlights a recurring theme in retirement data. Smaller groups with larger balances pull up the average, while the median shows what a typical household is actually doing.
T. Rowe Price sets retirement savings goals that adjust for income, age and whether the family relies on one or two paychecks. The idea is to provide savers with a realistic metric rather than a one-size-fits-all rule.
Under these guidelines, a married couple with two incomes making $75,000 a year would typically plan to save about five times their income by age 55, increasing to about eight times that by age 65. Single earners at the same income level face slightly lower targets, with a baseline closer to 4.5 times income at age 55 and closer to 7 times income at age 65. As household income increases, the recommended multiple climbs, reflecting higher expected expenses and the need for long-term planning.
For a two-income married couple making $80,000 a year, the benchmark translates to the following goals:
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Under 55: $400,000
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Under 65: $640,000
For dual-income households with higher incomes, the multiples grow faster. A married couple earning a combined $200,000 a year can expect to have saved about 10.5 times their income by age 65, which equates to about $2.1 million in retirement savings.
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It’s common to feel uneasy after looking at retirement benchmarks. Many households find their numbers are lower than the models suggest, especially if savings start later or if incomes are uneven over the years. This doesn’t mean retirement plans are broken or beyond repair. In most cases, this simply means an adjustment is needed.
For some couples, the most effective step is to save as much money as possible. Even modest increases can produce meaningful changes over time. Others focus on taking better advantage of a workplace retirement plan or individual retirement account, especially when an employer match is on the table. Reducing high-interest debt can also free up cash flow, giving your retirement savings more room to grow.
Timing is also important. If feasible, deferring Social Security could result in larger monthly benefits later. Some families are choosing to work a few more years, not out of necessity but to bolster their financial cushion and ease the pressure to save early in retirement.
Investment choices are also important. Keeping your assets diversified can help balance growth and risk, while some investors look to passive real estate investing as part of a broader strategy. Platforms like Nada offer a way to participate in building equity in your home without the responsibility of owning or managing a property.
The bottom line is that individual retirement planning works best. Consulting a financial advisor can help couples translate broad benchmarks into realistic goals that reflect their income, health outlook, and priorities.
Whether a family is ahead or playing catch-up, thoughtful planning can still transform retirement from a source of stress into something closer to what it should be.
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This article Do you think you’re about to retire? The post Here’s How Much the Average American Couple Saves originally appeared on Benzinga.com
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