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 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, balances 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?

Fidelity says that a couple aged 60 with a dual income of $75,000 each (for a household total of $150,000 per year) should have eight times their household income in their retirement accounts ⁴ . This multiplies to a total of $1,200,000 saved.

For a comparison, an individual aged 67 bringing in $75,000 per year should have saved 10 times their household income, which adds up to $750,000 in their retirement accounts.

As another reference, the table below breaks down savings targets based on data assumptions made by the investment management firm T.Rowe Price ⁵ . In parenthesis you’ll see how many times over your current household income you should have.

A good rule of thumb is to save between at least 10% and 15% of your household income each year. But because your needs will vary as a married couple, you will need to assess your financial situation and make adjustments accordingly. 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. 

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. ⁶ This 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.

Social Security may provide a baseline level of retirement income, but many couples need additional savings to support their long-term goals. Use SmartAsset’s retirement calculator to estimate how your savings and benefits could work together over time.

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-earning 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.

Retirement Savings Strategies: Same-Age vs. Age-Gap Couples

The savings benchmarks and income targets discussed above assume a relatively standard retirement timeline, but couples with a significant age difference face a more complex planning picture. When spouses are ten or fifteen years apart in age, nearly every major retirement decision requires a different kind of analysis than it would for a similar-age couple.

Social Security timing is one of the most consequential decisions for couples with an age gap. When the older spouse is ready to claim, the younger one may still be years from full retirement age, and how each spouse sequences that decision can affect household income throughout retirement and the monthly benefit the surviving spouse ultimately receives. The right approach depends on each spouse’s earnings history, health and expected longevity.

Healthcare coverage creates its own planning challenge. When the older spouse reaches Medicare eligibility, the younger one may still need private insurance coverage for several more years. That gap can carry a substantial price tag and needs to be built into the retirement budget as a known expense rather than discovered after the fact.

The overall length of retirement is also likely to exceed standard planning assumptions for age-gap couples. A retirement that effectively begins when the older spouse stops working and ends when the younger one passes away could span three decades or more. That extended horizon affects portfolio growth targets, withdrawal pacing and the reserves needed for healthcare and long-term care in the later years.

When one spouse is still working while the other has already retired, the overlap creates room to manage taxes more deliberately. Coordinating which accounts are drawn from during that transitional period can help keep taxable income lower and preserve more of the portfolio for later years when both spouses are fully retired.

Estate planning also deserves more attention from age-gap couples than from those closer in age. The likelihood that one spouse will outlive the other by many years makes the structure of survivor benefits, beneficiary designations and any wealth transfer arrangements especially important to get right and to revisit regularly as circumstances evolve.

What to Do If You and Your Spouse Are Falling Behind

Finding yourself short of the savings targets above does not mean retirement is out of reach. It does mean that catching up requires a more deliberate approach than contributing a fixed percentage of income each year.

If both spouses are over 50, catch-up contributions allow each of you to put more into 401(k) and IRA accounts than younger savers. If both spouses have access to workplace retirement plans, maxing out catch-up limits in both accounts simultaneously can meaningfully accelerate savings in the years before retirement.

Delaying retirement by even a few years can shift the picture more than most couples expect. Each additional working year adds to the portfolio, reduces the number of years the savings need to last and may allow both spouses to claim higher Social Security benefits. For couples who are significantly behind, working two or three years longer can be more impactful than any other single adjustment.

Reducing household expenses and redirecting that cash toward retirement accounts is another option worth examining. A review of recurring costs including housing, vehicles, subscriptions and discretionary spending often reveals room that was not immediately obvious. Downsizing a home can be particularly effective, generating a lump sum from equity while lowering ongoing costs.

Part-time work in the early years of retirement is increasingly common and can serve as a practical bridge. Even modest earned income in the first few years reduces withdrawals from the portfolio during the period when sequence-of-returns risk is highest, giving investments more time to grow.

Recalibrating expectations is also worth considering alongside efforts to save more. Retirement income needs are not fixed, and a couple willing to adjust their planned lifestyle, location or spending patterns may find that a smaller portfolio can support a fulfilling retirement. Working with a financial advisor to model different scenarios can help clarify which combination of adjustments produces the most realistic and sustainable path given your specific circumstances.

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.

That planning is often most valuable before problems become difficult to fix. “Married couples have the advantage of being able to combine their retirement savings efforts. This still requires planning and strategy, though, especially if there’s a sole earner or a couple with a significant age gap. Working with a financial advisor five to 10 years before retiring to identify weak spots in your savings strategy can help you plug any holes before it’s too late,” said Loudenback, CFP®.

Tanza Loudenback, Certified Financial Planner™ (CFP®), provided the quote used in this article. Please note that Tanza is not a participant in SmartAsset AMP, is not an employee of SmartAsset and has been compensated. The opinion voiced in the quote is for general information only and is not intended to provide specific advice or recommendations.

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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