Average Retirement Savings for Married Couples By Age

According to a study from the career experts at Zety, 40% of respondents fear retirement more than death itself.¹ And almost nine out of 10 respondents said their biggest fear in retirement is not having enough income, with many wondering how much a couple needs to retire. For married couples, planning retirement for two people can be complicated. And how much they’ll need to save will depend on their individual financial circumstances. Below we review the average retirement savings for couples by age.

A financial expert could help you create a financial plan for your retirement needs and goals.

What Are the Average Retirement Savings By Age?

Unfortunately, many Americans aren’t putting away enough money for their future. In fact, 25% of Americans have no retirement savings at all, according to a report from PWC. ²

A study by Vanguard does, however, break down the average 401(k) balances by age. ³ The table below breaks down average and median balances by age group.

401(k) Balances By Age Group

On average, someone under age 25 has saved less than $7,000, while the account balance of someone between the ages of 55 and 64 averages just over $271,000.

While this data breaks down individual balances by age group, for married couples, targets will differ depending on the couple’s age, household income and whether there is a sole earner or dual income.

How Much Does a Couple Need to Retire?

Financial experts say that a couple aged 60 with a dual income of $75,000 per year should have seven times their household income in their retirement accounts. This multiplies to a total of $525,000 saved.

Conversely, a couple aged 65 with a sole earner bringing in $75,000 per year should have saved seven and a half times their household income, which adds up to $562,500 in their retirement accounts.

The table below breaks down savings targets based on data assumptions made by the investment management firm T.Rowe Price. ⁴ In parenthesis you’ll see how many times over your current household income you should have.

When you are ready to retire, it’s a good benchmark to strive for at least 7.5x to 11x your household income in savings. But because your needs will vary as a married couple, you will need to assess your financial situation and make adjustments accordingly. A good rule of thumb is to save between at least 10% and 15% of your household income each year.

Why You Should Not Rely on Social Security Alone

As of 2025, retired couples who receive Social Security benefits collect an average of $2,910 per month. ⁵ This amount equates to what you could get with a minimum wage job. So, for many American couples, this might not be sufficient to maintain their lifestyle once they enter into their golden years.

On top of that, many older Americans are carrying more debt, which will eat into their Social Security income. So when you’re creating a retirement plan as a couple, financial experts often advise assessing your financial situation and making adjustments accordingly.

Regardless of your income level, it’s important to know how much a married couple needs to retire. And mapping out your financial situation is a smart way to prepare for retirement. This big picture perspective will help you be more intentional with how much money you are putting into your retirement savings, so you can work to avoid a possible income gap later in life if your needs outpace your savings.

How to Grow Your Retirement Savings

Building retirement savings as a married couple requires coordination, consistency and a long-term mindset. Whether you’re just starting out or trying to catch up, taking proactive steps can help you grow your nest egg and stay on track toward your shared financial goals.

One of the most effective ways to grow your savings is by contributing to employer-sponsored plans like 401(k)s. Couples should aim to take full advantage of employer matching contributions, which provide an immediate return on investment. If both partners have access to workplace plans, contributing to each account can significantly boost overall savings.

In addition to workplace plans, IRAs can offer valuable tax advantages. Couples may be able to contribute to both traditional and Roth IRAs, depending on income limits. Spousal IRAs also allow a non-working spouse to contribute, helping both partners build retirement savings.

Gradually increasing your contribution rate can make a meaningful difference over the long term. As your income grows, directing a portion of raises or bonuses into retirement accounts can help accelerate savings without drastically changing your lifestyle. Consistency is key to building momentum.

A well-balanced investment strategy can help your savings grow while managing risk. Diversifying across asset classes—such as stocks, bonds and funds, can provide both growth potential and stability. Adjusting your allocation over time based on your age and risk tolerance can help keep your portfolio aligned with your goals.

Bottom Line

Growing retirement savings as a married couple takes consistent effort, smart use of tax-advantaged accounts and a coordinated strategy. By maximizing contributions, investing for growth and aligning on shared goals, couples can build a stronger financial foundation over time. The key is staying proactive and making adjustments along the way to ensure your savings keep pace with your long-term retirement needs.

Tips to Help You Save for Retirement

• According to the Federal Reserve, 60% of those with self-directed retirement accounts are not confident about their investment decisions. If you’re one of them, why not hire a financial advisor? Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• Counting on Social Security benefits alone likely won’t provide full support for your current lifestyle. But, benefits can definitely help with your living expenses in retirement. SmartAsset’s Social Security calculator will help you estimate how much of a benefit you can expect.
• If you’re wondering how much does a couple need to retire, and want to figure out whether you’re saving enough, SmartAsset’s free retirement calculator can help you determine how much you’ll need.

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