Retirement is often framed as a reward after decades of work. The alarm clock goes silent, the schedule opens, and time finally seems to belong to the people who earned it. For many Americans, however, approaching retirement brings more anxiety than relief.
A national LiveCareer survey found that 61 percent of working Americans say they fear retirement more than death, largely due to financial concerns. Instead of envisioning their travels or hobbies, many worry about whether their savings will last, how much everyday life will cost, and what happens if expenses rise faster than expected.
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This anxiety is even more pronounced among married couples, who are planning not just for retirement, but for two people with different earning histories, life expectancies, and healthcare needs. These concerns are not unfounded. A 2024 AARP survey found that 20 percent of adults over 50 have no retirement savings at all, while 61 percent worry they won’t have enough money to see them through to retirement.
The Federal Reserve’s Survey of Consumer Finances data shows how wide the gap can be between what households have on average and what the typical household actually owns.
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Under 35: Average retirement savings is $49,130, while the average balance is just $18,880
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Ages 35-44: Average retirement savings increase to $141,520, but median is $45,000
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Ages 45 to 54: Average balances reach $313,220, compared to an average of $115,000
Ages 55 to 64: Average retirement savings increase to $537,560, while the median is $185,000
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Ages 65 to 74: Average balances reach $609,230, but the median is $200,000
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The contrast between means and averages highlights a recurring theme in retirement data. A smaller group with very large balances pulls the average higher, while the median shows where the typical household actually stands.
T. Rowe Price sets retirement savings targets that adjust based on income, age and whether a household relies on a single or dual salary. The idea is to give economists a realistic yardstick, not a one-size-fits-all rule.
Under these guidelines, a two-earner married couple making $75,000 a year would typically have five times their income saved by age 55, rising to about eight times by age 65. income increases, recommended multiples also increase, reflecting higher expected expenses and longer-term planning needs.
For a married dual-earner couple earning $80,000 annually, the benchmarks translate into the following goals:
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Up to age 55: $400,000
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Up to age 65: $640,000
For dual-income households with higher incomes, the multiples rise more sharply. A married couple earning a combined $200,000 a year is expected to have about 10.5 times that income saved by age 65, which translates to about $2.1 million in retirement savings.
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Feeling uneasy after looking at retirement benchmarks is common. Many households find that their numbers don’t match what the models suggest, especially if saving started later or incomes have been uneven over the years. That doesn’t mean retirement plans are broken or beyond repair. In most cases, it simply means that adjustments are needed.
For some couples, the most effective step is to save a little more where possible. Even modest increases can make a big difference over time. Others focus on making better use of workplace retirement plans or individual retirement accounts, especially when employer matches are on the table. Reducing high-interest debt can also free up cash flow, giving retirement savings more room to grow.
Time also plays a role. Delaying Social Security, when feasible, can result in higher monthly benefits later. Some households choose to work a few extra years, not out of necessity, but to strengthen their financial cushion and reduce the pressure on early retirement savings.
Investment options matter too. Maintaining a diversified asset mix helps balance growth and risk, while some investors seek passive real estate exposure as part of a broader strategy. Platforms like Nada offer a way to participate in property appreciation without taking on the responsibilities of owning or managing the property.
Above all, retirement planning works best when it’s personal. Consulting with a financial advisor can help couples translate broad benchmarks into realistic goals that reflect their income, health outlook, and priorities.
Whether a household is ahead of the curve or playing catch-up, careful planning can turn retirement from a source of stress into something closer to what it was meant to be.
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This article Think you’re ahead of the curve on retirement? Here’s What Actually Saved the Average American Couple originally appeared on Benzinga.com
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