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Retirement is often framed as the reward after decades of work. The alarm clock goes quiet, the schedule opens up, and time finally feels like it belongs to the people who earned it. For many Americans, though, the approach to retirement brings more unease than relief.
A national LiveCareer survey found that 61% of working Americans say they fear retirement more than death, largely because of financial concerns. Instead of picturing travel or hobbies, many worry about whether their savings will last, how much daily life will cost, and what happens if expenses rise faster than expected.
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This anxiety is even sharper among married couples, who are planning not just for one retirement, but for two people with different earning histories, life expectancies, and healthcare needs. Those concerns are not unfounded. A 2024 AARP survey found that 20% of adults over 50 have no retirement savings at all, while 61% worry they will not have enough money to last through retirement.
Federal Reserve data from the Survey of Consumer Finances shows how wide the gap can be between what households have on average and what the typical household actually holds.
Under age 35: Average retirement savings are $49,130, while the median balance is just $18,880 Ages 35 to 44: Average retirement savings rise to $141,520, but the median sits at $45,000 Ages 45 to 54: Average balances reach $313,220, compared with a median of $115,000
Ages 55 to 64: Average retirement savings climb to $537,560, while the median is $185,000 Ages 65 to 74: Average balances peak at $609,230, yet the median comes in at $200,000
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The contrast between averages and medians 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 lays out retirement savings targets that adjust based on income, age, and whether a household relies on one paycheck or two. The idea is to give savers a realistic yardstick, not a one size fits all rule.
Under those guidelines, a married couple with two incomes earning $75,000 a year would typically aim to have about five times their income saved by age 55, rising to roughly eight times by age 65. A single earner at the same income level faces slightly lower targets, with benchmarks closer to 4.5 times income by age 55 and seven times by age 65. As household income increases, the recommended multiples climb as well, reflecting higher expected spending and longer term planning needs.
For a dual-income married couple earning $80,000 annually, the benchmarks translate into the following targets:
By age 55: $400,000 By age 65: $640,000
For higher-earning dual-income households, the multiples increase more sharply. A married couple earning a combined $200,000 per year is expected to have roughly 10.5 times their income saved by age 65, which works out to about $2.1 million in retirement savings.
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Feeling uneasy after looking at retirement benchmarks is common. Many households discover their numbers fall short of what the models suggest, especially if saving started later or income was uneven over the years. That does not mean retirement plans are broken or beyond repair. In most cases, it simply means adjustments are needed.
For some couples, the most effective step is saving a little more where possible. Even modest increases can make a meaningful 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.
Timing plays a role as well. Delaying Social Security, when feasible, can result in larger monthly benefits later on. Some households choose to work a few extra years, not out of necessity, but to strengthen their financial cushion and reduce pressure on savings early in retirement.
Investment choices matter too. Maintaining a diversified mix of assets helps balance growth and risk, while some investors look to passive real estate exposure as part of a broader strategy. Platforms like Nada offer a way to participate in home equity appreciation without taking on the responsibilities of owning or managing property.
Above all, retirement planning works best when it is personal. Checking in with a financial adviser 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, thoughtful planning can still turn retirement from a source of stress into something closer to what it was meant to be.
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