Retirement, ideally a period of relaxation and enjoyment after years of hard work, is often envisioned as a time to pursue hobbies, travel or simply unwind. 

But for many, this phase of life is marred by financial worries, transforming what should be a golden era into a source of dread. A national survey from LiveCareer found 61% of working Americans fear retirement more than death, primarily because of financial insecurities.

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This fear is more acute among married couples, who face the added complexity of planning for two people with varying financial needs. A NerdWallet study using the 2022 Survey of Consumer Finances highlights this challenge, indicating that 60% of Americans lack a retirement-specific account. The disparity in average household retirement savings by age group further illustrates this issue:

Under 35: $49,130 (median: $18,880)

Ages 35 to 44: $141,520 (median: $45,000)

Ages 45 to 54: $313,220 (median: $115,000)

Ages 55 to 64: $537,560 (median: $185,000)

Ages 65 to 74: $609,230 (median: $200,000)

These figures show a significant gap between the average and median savings, pointing to a broad spectrum of financial preparedness across different age groups.

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T. Rowe Price provides detailed retirement savings benchmarks to help individuals and couples at various income levels and stages of life plan for retirement. These benchmarks vary based on household income, age and whether the household has a single or dual income.

For example, a dual-income married couple earning $75,000 annually should have savings equal to five times their income by age 55, increasing to eight times by age 65. In contrast, a single earner at the same income level should aim for 4.5 times their income at age 55 and seven times by age 65. These benchmarks are scaled up for higher income levels, recommending higher multiples as income increases​.

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For a dual-income married couple earning $80,000 annually, they should aim to have the following savings at different ages:

• By age 55: $400,000
• By age 65: $640,000

T. Rowe Price also suggests that investors should aim to save at least 15% of their income, including employer contributions, to meet these retirement benchmarks. The savings percentages needed may increase as you age, especially if your income is higher​.

For those anxious about their retirement funds, several practical solutions exist:

Financial advisers are key to addressing retirement concerns. They offer personalized guidance, helping couples create comprehensive retirement plans based on their unique financial situations and goals. 

Some elements of this story were previously reported by Benzinga and it has been updated.

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