Most American Couples Have This Much in Retirement Savings. Where Do You Stack Up?

A recent study from the career experts Zety says that 40% of respondents fear retirement more than death. And almost nine in 10 responded that their biggest retirement fear is not having enough income. For married couples, planning retirement for two people can be complicated. How much they will need will depend on their financial circumstances. Here’s a breakdown of the average retirement savings for couples by age.

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What Are Average Retirement Savings By Age?

Unfortunately, many Americans aren’t putting enough money away for their future. In fact, 25% of Americans have no retirement savings at all according to a report from PWC. And among those who haven’t saved enough for retirement, EBRI research estimates that households as of January 2020 saved $3.68 trillion less than what they should have in their retirement accounts.

Another study by Vanguard calculated the average 401(k) balances by age. The table below breaks down average and median balances by age group:

401(k) Balances By Age Group Age Average 401(k) Balance Median 401(k) Balance <25 $6,718 $2,240 25-34 $33,272 $13,265 35-44 $86,582 $32,664 45-54 $161,079 $56,722 55-64 $232,379 $84,714 65+ $255,151 $82,297

On average, someone under age 25 is saving less than $7,000, while someone between ages 55 and 64 averages just over $232,000. This data breaks down individual balances by age group, but for married couples, targets will differ depending on the couple’s age, household income and whether there is a sole earner or dual income.

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Retirement Savings Benchmarks for Married Couples

Financial experts say that a couple aged 60 with a dual income of $75,000 per year…