Average Retirement Savings by Age for Married Couples: Are You on Track to Retire Comfortably?

Planning for retirement is a journey best taken together. For married couples, aligning your financial goals, savings strategies, and lifestyle dreams is crucial for long-term security. In this article, we explore retirement savings benchmarks, discuss how average retirement savings for married couples by age can serve as a roadmap, and share actionable tips for each life stage. By following these insights and using proven tools, you can better answer the question: how much should a married couple save for retirement?

Why Retirement Savings Benchmarks Matter for Married Couples

The Importance of Joint Financial Planning

Retirement planning for couples is a shared responsibility. When you plan together, every dollar saved contributes to a combined financial picture. Each partner's income, spending habits, and savings strategies influence your overall success.

Dual Impact: Every financial decision, from budgeting to investment choices, affects both spouses. Aligning these decisions ensures that you benefit from economies of scale.
Maximized Benefits: Joint planning lets you leverage dual incomes, coordinate employer-sponsored benefits, and maximize tax-advantaged accounts such as 401(k)s and IRAs. This approach often leads to higher savings potential and increased financial security.
Unified Vision: When both partners understand and contribute to the financial plan, you reduce the risk of miscommunication and create a cohesive strategy that supports long-term goals.

How Age-Based Benchmarks Help Track Progress?

Age-based benchmarks provide a clear checkpoint to measure your progress. Knowing the average retirement savings for your age group is like having a roadmap. It helps answer key questions and keeps your financial strategy on track.

Are we saving enough to retire comfortably?
Should we be contributing more to our retirement accounts?
Are we on track, or do we need to adjust our strategy?

By comparing your savings to national averages, you can make informed decisions about budgeting, investing, and long-term planning. These retirement savings benchmarks serve as vital reference points to ensure that you're not only saving for retirement but also saving enough relative to your stage in life.

Life Events That Impact Savings

Life is full of milestones that can influence your savings trajectory. Major events such as buying a home, raising children, or managing unexpected medical expenses can divert funds from your retirement accounts.

Financial Milestones: Big purchases or investments, like buying a home or funding a child's education, can significantly impact your ability to save for retirement.
Employment Shifts: One partner taking time off for childcare or switching careers can affect overall income and savings consistency.
Unplanned Expenses: Unexpected events - such as medical emergencies - highlight the importance of maintaining a robust emergency fund without compromising your long-term savings goals.

By anticipating and planning for these life events, couples can protect their retirement savings goals while still meeting immediate financial obligations.

Average Retirement Savings by Age Group for Married Couples

Understanding how savings typically grow over time can serve as a benchmark for evaluating your financial progress. Here is a breakdown of average retirement savings by age for married couples:

Under 35: Early Savings Habits and Typical Balances

For couples under 35, establishing strong savings habits early on is crucial.

Average Savings: $49,130
Key Focus: Prioritize setting up retirement accounts, automate contributions, and take advantage of employer-sponsored plans.

35-44: Mid-Career Growth and Common Financial Challenges

During the 35-44 age group, many couples experience career growth, which can accelerate savings.

Average Savings: $141,520
Key Focus: Balance increased earnings with rising expenses, and keep a close eye on debt management while increasing contributions.

45-54: Catch-Up Years and Accelerating Savings

The 45-54 age group is often seen as the catch-up period for retirement savings.

Average Savings: $313,220
Key Focus: Maximize contributions, adjust investment strategies to reduce risk, and utilize catch-up contributions if needed.

55-64: Pre-Retirement Stage and Final Prep

In these years, couples typically ramp up their efforts to secure a comfortable retirement.

Average Savings: $537,560
Key Focus: Fine-tune your withdrawal strategy, ensure adequate pre-retirement income, and consider strategies to protect your assets as you approach retirement.

65+: Managing Withdrawals and Protecting Savings

Post-retirement, managing withdrawals becomes a key part of financial stability.

Average Savings: $609,230
Key Focus: Develop a strategy for systematic withdrawals, optimize tax implications, and protect your savings against market volatility.

Factors That Influence Retirement Savings

Various factors can significantly impact your ability to reach your savings goal. Understanding these influences can help you adjust your strategy and ensure a more secure retirement.

Income Disparities and Dual-Income Benefits

Dual-income households often enjoy a financial advantage. Having two sources of income can boost contributions to retirement accounts and diversify investment opportunities. However, differences in earnings between partners can present unique challenges.

Maximize Contributions: Both partners should contribute to their respective retirement accounts and leverage employer matches.
Spousal IRAs: Consider opening spousal IRAs if one partner has limited or no income, ensuring that both partners are actively saving.
Balanced Approach: Address any income disparities by creating a financial plan that maximizes the benefit of dual incomes while supporting each partner's long-term goals.

Debt Management: The Hidden Drain on Savings

High-interest debt can significantly hinder your progress. Managing debt effectively is essential for freeing up cash flow and redirecting funds toward your retirement savings goals.

Prioritize High-Interest Debts: Focus on paying off credit cards, student loans, and other high-interest obligations.
Balanced Financial Strategy: Maintain contributions to your retirement accounts while aggressively reducing debt.
Seek Professional Advice: Consult with a financial advisor to develop a strategy that balances debt repayment with savings.

Cost of Living Differences

Where you live can influence your ability to save. Couples in high-cost areas may find it more challenging to save, while those in more affordable regions can often allocate more funds toward retirement.

Budget Adjustments: Adjust your financial plan based on regional cost differences.
Relocation Considerations: If retirement savings are lagging, consider the potential benefits of moving to a lower-cost area to better stretch your retirement dollars.
Expense Tracking: Regularly review your expenses and look for opportunities to cut costs without compromising quality of life.

Health Care Planning and Long-Term Care Considerations

Healthcare costs are a critical component of retirement planning. Without careful planning, unexpected medical expenses can quickly erode your savings.

Include Healthcare in Your Budget: Factor in potential healthcare expenses, including long-term care and prescription costs.
Insurance Options: Consider purchasing long-term care insurance to help manage future healthcare costs.
Proactive Planning: Work with financial professionals to estimate future expenses and build a buffer into your retirement plan.

Financial Setbacks and Life Events

Life is unpredictable, and setbacks can derail even the best-laid plans. Major life events—such as job loss, divorce, or significant medical emergencies—can impact your savings trajectory.

Emergency Funds: Maintain an emergency fund covering 3-6 months of expenses to cushion against unexpected events.
Regular Reviews: Periodically review your financial plan and insurance coverage to ensure they align with current life circumstances.
Contingency Strategies: Develop backup plans to mitigate the impact of major financial setbacks and adjust your strategy as needed.

Common Retirement Planning Mistakes for Couples

Avoiding common pitfalls can significantly enhance your ability to save for retirement and ensure a comfortable retirement.

Failing to Align on Retirement Goals

Clear communication is key to a successful joint financial strategy. Couples often err by not discussing their retirement visions, leading to mismatched expectations and ineffective saving strategies.

Set Regular Check-ins: Schedule regular "financial check-ins" to discuss your retirement goals and make adjustments as life evolves.
Define a Shared Vision: Ensure that both partners agree on what a comfortable retirement looks like—whether that means traveling extensively or enjoying a quiet, family-centered lifestyle.
Transparent Discussions: Openly discuss income, spending, and savings strategies to avoid surprises down the line.

Underestimating Retirement Expenses

A common mistake is focusing solely on a savings target without realistic expense planning. Many couples overlook post-retirement costs such as healthcare, home maintenance, and inflation.

Create a Detailed Budget: Develop a comprehensive retirement budget that includes all potential expenses.
Plan for Inflation: Factor in rising costs over time to ensure that your retirement savings goals remain realistic.
Consult a Retirement Calculator: Use tools like a retirement calculator to model future expenses and identify potential shortfalls.

Not Maximizing Tax-Advantaged Accounts

Many couples miss out on valuable tax benefits by underutilizing their retirement accounts. Failing to take full advantage of employer-sponsored plans, catch-up contributions, or Health Savings Accounts (HSAs) can leave significant funds unclaimed.

Employer Matches Matter: Always contribute enough to secure the full employer match in your 401(k) plan.
Utilize Catch-Up Contributions: For those age 50 and above, make use of additional contribution limits.
Review Your Contributions: Regularly review your contributions and adjust them to maximize tax benefits and overall growth.

Ignoring Spousal Social Security Benefits

Spousal benefits are an often-overlooked element of retirement planning. Couples need to strategize on claiming Social Security benefits to optimize total income during retirement.

Plan Together: Evaluate different claiming strategies based on each partner's earnings history.
Maximize Lifetime Benefits: Consider delaying benefits to increase the monthly payout, especially if one spouse has a significantly higher earning history.
Understand the Rules: Familiarize yourselves with Social Security rules and how benefits might be affected by factors like divorce or remarriage.

Overlooking Estate Planning

Estate planning is a critical but frequently neglected part of retirement planning. Without proper estate planning, your assets might not be distributed as you intend, potentially leaving surviving spouses vulnerable.

Regular Updates: Regularly review and update estate planning documents to reflect major life changes such as marriage, divorce, or the birth of children.
Legal Advice: Consider consulting an estate planning attorney to ensure your wishes are clearly documented.
Protect Your Legacy: Ensure that your financial plan includes strategies to protect and transfer your wealth in line with your long-term goals.

Tips to Increase Sources of Retirement Income at Every Age

No matter your current age, there are practical steps you can take to boost your retirement income. Below, we outline targeted strategies for each stage of life.

In Your 20s & 30s: Build a Strong Foundation

Your early years are critical for setting the groundwork for future wealth. Start building habits that will serve you well over decades of saving and investing.

Automate Savings: Set up automatic contributions to your 401(k) or IRA to ensure consistent savings.
Employer Matches: Prioritize capturing the full employer match; it's essentially free money toward your retirement account.
Establish an Emergency Fund: Aim for 3-6 months of expenses in a readily accessible account to avoid tapping into retirement funds during emergencies.
Aggressive Investments: With a long investment horizon, consider allocating a larger portion of your portfolio to stocks for higher potential growth.
Stay Consistent: Even if managing student loans or early career debt, strive to contribute enough to secure employer matches and build momentum.

In Your 40s: Maximize Earnings & Refine Goals

Your 40s are a period of significant financial opportunity and focus. During these years, you can often increase your savings rate as your career and earnings progress.

Boost Contributions: Aim to contribute 15%-20% of your household income to your retirement accounts.
Asset Allocation: Refine your investment strategy by balancing growth with risk management as you approach mid-career.
Plan for College: If you have children, consider alternative funding options for college to avoid sacrificing retirement contributions.
Eliminate High-Interest Debt: Reducing debt not only improves your credit but also frees up funds to boost your retirement savings.
Savings Milestones: Strive to have at least 3-5 times your combined annual salary saved by your mid-40s.

In Your 50s: Catch Up & Optimize

The 50s are often considered the catch-up years for retirement savings. At this stage, focus on maximizing contributions and fine-tuning your overall strategy.

Catch-Up Contributions: Individuals age 50 and above can contribute an extra $7,500 to 401(k)s and $1,000 more to IRAs annually (2025 limits). These additional funds can make a significant difference.
Debt Reduction: Pay off lingering debts to reduce monthly obligations and improve cash flow.
Social Security Strategy: Start planning the optimal time to claim Social Security benefits to maximize your lifetime income.
Long-Term Care Planning: Evaluate long-term care insurance options early to secure more affordable rates and protect future income.
Savings Benchmarks: Aim to have at least 6-8 times your combined annual salary saved by your late 50s for a secure transition into retirement.

In Your 60s & Beyond: Prepare for Withdrawals & Protect Assets

As retirement nears or begins, shifting focus to asset protection and efficient withdrawals becomes critical. This stage is about ensuring that your accumulated savings support your lifestyle throughout retirement.

Withdrawal Strategies: Develop a systematic withdrawal plan, considering the "4% rule" or consulting a financial advisor for personalized advice.
Delay Social Security: If possible, delay claiming Social Security until age 70 to secure an increase in monthly benefits by up to 8% per year.
Shift to Conservative Investments: Reassess your portfolio and gradually shift to more conservative investments to shield against market volatility.
Plan for RMDs: At age 73, Required Minimum Distributions (RMDs) kick in. Factor these into your long-term planning.
Legacy Planning: Work with estate planners to ensure your assets are distributed according to your wishes, preserving your legacy.
Flexibility: Build flexibility into your strategy to accommodate market downturns or unexpected expenses without derailing your financial security.

Retirement Planning with Kubera

Leveraging modern tools can simplify and enhance your retirement planning process. Kubera is one such platform that offers a comprehensive suite of features designed specifically for couples planning their retirement together.

Why Kubera?

Retirement planning for couples requires clear visibility into every asset and future scenario. Kubera helps you understand where you stand relative to retirement savings and guides you toward meeting your savings goals.

All-in-One Dashboard: Kubera consolidates all your financial accounts—including bank accounts, investments, real estate, and even cryptocurrencies—into one secure platform.
Informed Decision Making: With centralized tracking, you gain a comprehensive view of your net worth and can better assess whether you're on track to meet your savings goal.

Features That Enhance Your Financial Plan

Kubera offers several key features that empower couples to collaborate and optimize their financial planning:

Retirement and Glide Path Planning with Kubera

Centralized Asset Tracking: View all your financial accounts in one place to understand your complete financial picture.
Future Scenario Simulation: With Kubera's Fast Forward feature, simulate various financial scenarios—such as income changes or market fluctuations—to see their potential impact on your future net worth. For a detailed comparison, check out Kubera Fast Forward vs. Traditional Retirement Calculators.
Collaborative Financial Planning: Share your financial data securely with your spouse, financial advisors, or trusted family members. This collaborative approach ensures that everyone is aligned on the retirement plan and can contribute ideas to strengthen it.

By incorporating Kubera into your financial plan, you can monitor progress in real time and adjust strategies as needed. This proactive approach helps couples stay agile and informed, ensuring that decisions are made based on current data and future projections.

Take the next step in your retirement planning journey by signing up for a trial at Kubera.

Conclusion

Retirement planning for couples is not just about numbers - it's about building a secure future together. By understanding average retirement savings benchmarks and gauging your progress against them, you can create a resilient financial plan that adapts to life's changes. Start early in your 20s and 30s, maximize contributions through employer matches and tax-advantaged accounts, and adjust your strategy as needed for life events. Open communication with your spouse and occasional guidance from financial professionals will keep you on track. Tools like Kubera can simplify monitoring your progress and making informed adjustments based on changing circumstances.

The journey to retirement is ongoing, and every step brings you closer to your goals. By continually reassessing your progress, you'll be well-positioned to answer: how much should a married couple save for retirement? Take action today and enjoy the peace of mind that comes with knowing you're prepared for a comfortable retirement together.