Key Takeaways:
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Retirement savings for married couples can vary widely by age, income, debt, health, and homeownership status.
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National retirement savings data often tracks households or families, not marital status, but married couples can use age-based averages as helpful reference points.
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Couples can make smarter retirement decisions when they review savings together, plan for shared expenses, and take the time to understand how their income may change over time.
Retirement savings can feel easier to navigate when couples compare their progress with people in a similar age range. Still, average retirement savings figures shouldn’t be used as goals or targets because national surveys often report data by household or family, not by marital status.
That means a couple living on one income and with significant debt could be comparing themselves to a household with no debt and much more income, so these figures are best used as a casual reference. In this guide, you’ll discover the average retirement savings for households by age across the nation.
What To Know About Average Retirement Savings
An average, or mean, can be pulled higher by households with high earnings. Median savings often offer more clarity because it shows the middle point: half of households with retirement accounts have more, and half have less.
For married couples, both numbers can be useful as references, but neither necessarily aligns with their specific situation. A couple’s ability to save and reach an intended target depends on their total income, combined debt, health needs, housing costs, and desired retirement timing.
The 2022 Survey of Consumer Finances is one of the most cited sources for age-based retirement savings figures. The survey collects family financial information, including retirement accounts, pensions, income, and demographic data.
Those numbers include families without married couples, but they’re still helpful because they show how retirement balances can often change across life stages. A married couple also has to think as a household, not as two individuals.
One spouse may have a large 401(k), while the other may have little to no retirement savings. One spouse may qualify for a pension, while the other may have spent many years self-employed. A couple should make a joint plan since the household’s total income has to support both of them.
Averages vs. Medians
Averages can make retirement savings look better than they are for many households. If a small group has very high balances, the average rises, even though typical families have much lower balances. This is why the median can feel more realistic, as couples aren’t comparing their progress against the highest savers.
For example, 2022 Federal Reserve data shows that median retirement savings for families ages 35 to 44 is $45,000, while the average is much higher at $141,520. For ages 55 to 64, the median is $185,000, while the average is $537,560.
That large gap shows why couples shouldn’t panic if they fall below the average. Many households are closer to the median than the mean.
Average Retirement Savings Figures by Age
Age matters because retirement savings typically grow over time. Younger couples are often paying off student loans, building their careers, purchasing homes, or having children. Couples in the midlife stage may have higher incomes, but they may also be paying for school tuition, household repairs, or mortgage payments.
Couples nearing retirement often have fewer working years left, so each decision carries more weight. Families under 35 show much lower balances than families near retirement. Balances tend to peak around ages 65 to 74 , then drop for households ages 75 and older as retirees spend from their accounts.
The following figures are household or family retirement account estimates, not specific to married couples:
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Under 35: $49,130 average, $18,880 median
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Ages 35 to 44: $141,520 average, $45,000 median
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Ages 45 to 54: $313,220 average, $115,000 median
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Ages 55 to 64: $537,560 average, $185,000 median
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Ages 65 to 74: $609,230 average, $200,000 median
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Ages 75 and older: $462,410 average, $130,000 median
These numbers can help couples determine where their progress falls in relation to their age, but if you and your spouse are saving less than average, it doesn’t mean you won’t meet your goals. Every situation is different, and you may be comparing yourself to a household that has fewer financial obligations than yours.
Evaluating the Numbers
Couples should first compare their combined retirement savings with the age range closest to the older spouse or the spouse expected to retire first. That approach can be helpful because retirement timing often depends on the first person who stops working. If both spouses plan to retire at different ages, they should plan for the gap.
The time between the two retirement dates can affect income, health coverage, and withdrawals. A couple should also consider whether both spouses have retirement accounts. If one spouse has most of the savings, the household may still be on track, but beneficiary choices will be very important.
If neither spouse has much saved, the couple may need to adjust their spending to increase contributions or work longer than they may have originally planned. These numbers also don’t include every resource. Some couples may have pensions, home equity, business income, or expected Social Security benefits. Others may not have any of those resources.
What Changes in Your 30s and 40s?
Married couples in their 30s and 40s often have conflicting priorities. They may be building their careers, raising children, or paying down debt. Retirement can feel far away, which makes it easy to put off until later. However, these years are important because positive habits formed now can shape the rest of the plan.
Even small contributions can help build momentum. Consistency is more important than making large deposits. Couples at this stage should be coordinating with each other. Who has access to a workplace retirement plan? Is employer matching available? How much can each spouse reasonably contribute? Couples should also decide how they’ll handle debt while still saving.
Waiting to pay off every major expense before saving for retirement can leave the household behind. Communication is important because two people may not view money the same way. One spouse may feel anxious about saving, while the other may want to save aggressively. A shared plan helps reduce conflict, enabling couples to reach their goals faster.
Building Momentum
Couples can automate retirement contributions, schedule annual account reviews, and increase savings as income rises. They can also avoid letting their lifestyle costs grow faster than their income. It helps to have a cash cushion for emergencies, reducing the need to tap into retirement accounts during a difficult month.
Federal Reserve data has shown that some non-retirees borrow from or cash out retirement savings during times of hardship. By the late 40s, couples may want a more detailed retirement estimate. This estimate should include any expected income, retirement account balances, debt payoff status, housing obligations, and healthcare costs.
What Changes in Your 50s and 60s?
The 50s and early 60s are a critical planning phase for married couples. Retirement may still be several years away, but it begins to feel real. Children may be older and living out of the home, earnings may be higher, and debts may be lower or completely paid off. This can create an opportunity to increase contributions.
Couples in this age range should review their spending and saving habits more closely. They should know how much they have across retirement accounts, what debts remain, and what monthly expenses may look like after they’re no longer working. They should also discuss when each spouse wants to stop working.
If one spouse retires before the other, the household may have a period with lower income or a lack of health coverage. Couples need to determine how they’ll handle insurance before Medicare eligibility age and what costs may remain after Medicare begins. They should also consider dental care, vision care, prescriptions, and long-term care needs.
Diversify Retirement Savings With AHG
Average retirement savings data can be a helpful starting point, but the real question is whether your household has enough to support the life you want after work ends . Couples should review savings, debt obligations, planned income like Social Security, healthcare, and housing costs, and other important categories together.
You may also want to consider precious metals as a retirement account option. A Gold IRA is a self-directed retirement account that can hold eligible gold that meets IRA and IRS requirements.
Speak with one of our knowledgeable specialists at American Hartford Gold about account setup, making transfers, and eligible products.
FAQs
What is the average retirement savings for married couples by age?
There isn’t a single figure because many national sources report household or family retirement savings by age, not by couple. 2022 Federal Reserve data shows average household retirement savings of $313,220 for ages 45 to 54 and $537,560 for ages 55 to 64.
Is the median retirement savings more useful than the average?
Yes, the median can be more useful for many couples because very high balances can pull the average upward. The median shows the middle point among households with retirement accounts. The median often falls closer to a typical household experience.
How should married couples measure retirement readiness?
Married couples should compare expected retirement income with expected expenses. They should include planned income, retirement account withdrawals, debt, housing, healthcare, taxes, and emergency costs. They should also consider what happens if one spouse retires earlier or lives much longer than the other.
What if one spouse has most of the retirement savings?
The household should review beneficiary choices, income needs, survivor benefits, and account access. Both spouses should understand where the accounts are, how to access them, and how their savings support the shared retirement plan.
How often should married couples review retirement savings?
Married couples should review retirement savings at least once per year. They should also review the plan after major life changes, like a career transition, illness, home sale, inheritance, or retirement date shift. Regular reviews help couples stay aligned and adjust before any small issues become larger ones.
Sources:
Survey of Consumer Finances (SCF) | Federal Reserve
What Is the Average Retirement Savings by Age? | NerdWallet
What is a beneficiary? | Fidelity
Report on the Economic Well-Being of U.S. Households | Federal Reserve
