We in Telegram
Add news
March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
News Every Day |

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

SmartAsset: Average Retirement Savings for Married Couples by Age

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.

A financial expert could help you create a financial plan for your retirement needs and goals.

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.

If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Retirement Savings Benchmarks for Married Couples

SmartAsset: Average Retirement Savings for Married Couples by Age

Financial experts say that a couple aged 60 with a dual income of $75,000 per year should have seven times their household income in their retirement account. This multiplies to a total of $525,000 saved. Conversely, a couple aged 65 with a sole earner bringing in $75,000 per year should have saved seven and a half times their household income, which adds up to $562,500 in their retirement account.

The table below breaks down savings targets based on data assumptions made by the investment management firm T.Rowe Price. In parenthesis you will see how many times over your current household income you should have:

Household Income Married, Dual Income at Age 55 Married, Dual Income at Age 65 Married, Single Income at Age 55 Married, Single Income at Age 65 $75,000 $412,500 (5.5x) $675,000 (9x) $337,500 (4.5x) $562,500 (7.5x) $100,000 $600,000 (6x) $1 Million (10x) $500,000 (5x) $850,000 (8.5x) $150,000 $975,000 (6.5x) $1.575 Million (10.5x) $900,000 (6x) $1.500 Million (10x) $200,000 $1.300 Million (6.5x) $2.200 Million(11x) $1.400 million (7x) $2.300 Million (11.5x) $250,000 $1.700 Million (7x) $2.875 Million (11.5x) $1.875 Million (7.5x) $3.125 Million (12.5x) Why You Should Not Rely on Social Security Alone

As of January 2022, retired couples who receive Social Security benefits collect an average of $2,753 per month. This amount 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 will advise to assess your financial situation and make adjustments accordingly.

Regardless of your income level, 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 and avoid a possible income gap later in life if your needs outpace your savings.

Bottom Line

SmartAsset: Average Retirement Savings for Married Couples by Age

When looking at the average retirement savings for married couples by age, the data is sobering. Even if you save more than the recommended amounts and plan to apply for Social Security benefits, you may still not have enough to live the life you desire in retirement. Financial professionals often treat retirement savings as a destination with several checkpoints along the road. While some experts recommend you save at least one year’s worth of your household income by the time you reach age 30, it doesn’t hurt to save even more.

When you are ready to retire, it’s a good benchmark to strive for at least 9x to 11x your household income in savings. But because your needs will vary as a married couple, you will need to assess your financial situation and make adjustments accordingly. A good rule of thumb is to save between at least 10% and 15% of your household income each year.

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? SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one 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.

  • And, if you want to figure out whether you are saving enough for retirement, SmartAsset’s free retirement calculator can help you determine how much you will need.

Photo credit: ©iStock.com/Geber86, ©iStock.com/SrdjanPav, ©iStock.com/Doucefleur

The post Average Retirement Savings for Married Couples By Age appeared first on SmartAsset Blog.


Мизулина заявила, что Моргенштерн может вернуться в Россию

1960s USA - Real Street Scenes of Vintage America - Colorized

Amsterdam Stunning Sunny Hour Winter 2024 Amsterdam Walking Tour 4K

Top 10 Animated TV Series of 2023

Reliving the Past through Old Photos


Read also

Mum, 53, dies of rare illness just hours after landing back in UK from dream trip to the Caribbean

Student, 24, may have been killed by long-term use of laughing gas

Dependable senior guards DJ Strong and KJ Cathey help Bolingbrook top Benet

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

1960s USA - Real Street Scenes of Vintage America - Colorized

Today24.pro — latest news 24/7. You can add your news instantly now — here

News Every Day

Reliving the Past through Old Photos

Sports today

Новости тенниса

Хачанов улучшил свою позицию в рейтинге ATP

Спорт в России и мире

А вдруг ЦСКА и «Ак Барс» сразу вылетят? Расклад на первые серии Кубка Гагарина-2024, который сулит сюрпризы

All sports news today

Sports in Russia today


А вдруг ЦСКА и «Ак Барс» сразу вылетят? Расклад на первые серии Кубка Гагарина-2024, который сулит сюрпризы

Новости России

Game News

Состоялся релиз War Sniper — Sniper Elite с танками и дронами



Шапки женские вязаные на Wildberries, зима 2024 — новый цвет от 392 руб. (модель 466)

Губернаторы России

«Динамо» выиграло регулярный чемпионат КХЛ и получило Кубок континента


Дептранс: движение по улице Большая Дмитровка закрыли для прощания с Лебедевым

Американский журналист Хинкл раскрыл детали ужина с Лавровым

Шапки женские зимние на Wildberries — скидки от 398 руб. (на новые оттенки)

Успенская заявила, что Розенбаум заболел COVID-19

Обнародован список друзей Пугачевой, умерших после ее отъезда из России

Андрис Лиепа пообщался с учащимися БРХК

Концерт ко Дню Защитника Отечества

Рахимова на турнире в Остине одолела Викмайер в трехчасовом матче 1-го круга

Глава ФТР Тарпищев объяснил поражение Калинской нервной усталостью

Теннисистка Калинская поднялась на 16 строчек в обновленном рейтинге WTA

Рублёв победил Чжана и пробился во второй круг турнира ATP-500 в Дубае

Армия Армении ЛГБТ+

«Атомайз» вручил киберспортсмену первую NFT-награду

Шапки женские зимние на Wildberries — скидки от 398 руб. (на новые оттенки)

ENERGY дарит тур в Мексику на выступление Джареда Лето

Путин своим указом воссоздал Московский и Ленинградский военные округа

«Автомобилист» обыграл «Локомотив» и узнал с кем сразиться в первом раунде Кубка Гагарина

Обращение КС РАО к Президенту РФ по поводу незаконно удерживаемых Азербайджаном военнопленных и представителей арцахской политической элиты

Подвели итоги интеллектуальной битвы «Кубок Арктики»

Сергунина подвела итоги 10 лет работы столичного проекта «Город идей»

Жителей столицы пригласили на программу «Московского долголетия» 1 марта

Подростка после ДТП на вертолете эвакуировали из Узловой в Москву

В Ульяновске назвали победителей  конкурса детского рисунка «Герои СВО»

Путин в России и мире

Персональные новости Russian.city
Филипп Киркоров

Мария Погребняк, Давид Манукян, Алана Мамаева и Филипп Киркоров вступают в борьбу за “Сокровища императора” на ТНТ

News Every Day

Beautiful Outdoor Garden Furniture, Garden Library Interior, Hidden Book Nook Garden Design

Friends of Today24

Музыкальные новости

Персональные новости