This is a question that many Americans ask as they approach retirement age. There is no single answer to this question, as the amount of money needed to retire comfortably depends on a number of factors, including the couple’s lifestyle and desired standard of living. However, there are some general guidelines that can help couples determine how much money they’ll need to save for retirement.

According to the Employee Benefit Research Institute, a couple will need an estimated 70% of their pre-retirement income to maintain their standard of living in retirement. This means that if a couple currently earning $100,000 per year wants to maintain their same lifestyle in retirement, they’ll need an annual income of at least $70,000.

Of course, this is just a general guideline, and the actual amount of money needed to retire will vary depending on factors like the couple’s desired lifestyle and health status. Couples should also be aware that Social Security benefits may not be enough to cover all of their expenses in retirement.

To get a more personalized estimate of how much money you’ll need to retire, try using a retirement calculator. This tool can help you estimate how much money you’ll need to save based on your specific situation.

No matter how much money you’ll need to retire, it’s important to start saving as early as possible. The sooner you start saving, the more time your money has to grow.

Consider Your Income Needs

First, it’s important to consider how much income you’ll need in retirement. If you plan to downsize your home or live a more modest lifestyle in retirement, you may need less income than if you plan to maintain your current lifestyle. Make sure to factor in any debts you’ll still need to pay off in retirement, as well as any anticipated medical costs.

Once you have an idea of how much income you’ll need, you can start thinking about how to generate that income. For many couples, a combination of Social Security benefits, retirement savings, and part-time work will provide the necessary income.

Your Retirement Savings Goals

In addition to thinking about how much income you’ll need in retirement, it’s also important to consider your savings goals. One common goal is to have your retirement nest egg last for 20 or 30 years. This means saving enough money so that even if one spouse lives for several decades after the other passes away, there will still be enough money to cover living expenses. Another goal may be to have your retirement savings last through your “golden years” – typically defined as the period from age 65 to 85.

How Much You Should Save Each Month

Now that you know how much income you’ll need in retirement and what your savings goals are, you can start thinking about how much you need to save each month to reach those goals. Again, there is no single answer to this question, as it will depend on a number of factors, including your age and how close you are to retirement. However, some experts recommend saving 10% of your monthly income for retirement. So, if you and your spouse earn a combined monthly income of $5,000, you should aim to save $500 per month.

The sooner you start saving for retirement, the better. If you haven’t started saving yet, don’t worry – it’s never too late to start. However, the earlier you start, the more time your money will have to grow. For example, if you start saving $400 per month at age 35, you’ll have saved $144,000 by the time you reach age 65. But if you wait until age 45 to start saving, you’ll only have saved $72,000 by the time you reach 65.

There’s no magic number that will guarantee a comfortable retirement for everyone. However, following these general guidelines can help you get an idea of how much money you’ll need to save. Couples who are nearing retirement age and have not yet saved enough may want to consider working longer or downsizing their lifestyle in order to make ends meet.

Sources Of Retirement Income

Next, consider your sources of retirement income. Social Security will provide some income for most retirees, but it’s important to remember that this is typically only a supplement to other sources of income.

Social Security Benefits

Social Security benefits are a vital source of retirement income for many couples. If you and your spouse are both eligible for benefits, you can expect to receive a combined total of about 40% of your pre-retirement income from these benefits. Of course, the benefits you’ll receive will depend on a number of factors, including your years of employment, earnings history, and retirement age.

You can also consider pensions and retirement savings accounts, like 401(k)s and IRAs, when planning for your retirement income. If you or your spouse have a pension plan, make sure to include it in your calculations.

Retirement Accounts

There are a number of retirement account options available, including 401(k)s, IRAs, and annuities. Which option is best for you will depend on your individual circumstances.


For example, 401(k)s are employer-sponsored retirement plans that allow you to set aside a portion of your salary before taxes are taken out. This can help you lower your taxable income and save for retirement at the same time.


IRAs, on the other hand, are individual retirement accounts that you can open and fund yourself. There are two main types of IRAs – traditional IRAs and Roth IRAs. Traditional IRAs offer tax-deferred growth, which means you won’t pay taxes on the money you contribute until you withdraw it in retirement. Roth IRAs, on the other hand, offer tax-free growth. This means you’ll pay taxes on the money you contribute now, but you won’t have to pay taxes on the money when you withdraw it in retirement.


Annuities are another option that you may want to consider. An annuity is a contract between you and an insurance company. When you purchase an annuity, you make a lump sum payment or a series of payments to the insurance company. In return, the insurance company agrees to make periodic payments to you, starting immediately or at some point in the future.

Annuities can be a great way to ensure a steady stream of income in retirement, but they do have some drawbacks. For one, annuities are not as liquid as other savings options. This means you may not be able to access your money as easily if you need it.

Keep in mind investing involves risk. When you’re planning for retirement, it’s important to consider all of your options and choose the one that best suits your needs.

Part-Time Work

For many couples, retirement doesn’t mean quitting work entirely. In fact, about 1 in 4 retirees say they plan to work part-time during retirement, according to a recent survey by the Employee Benefit Research Institute.

Working during retirement can provide a much-needed boost to your retirement income. And, in some cases, it can also help you stay active and engaged during retirement. If you’re considering working during retirement, be sure to factor this into your retirement income calculations.

Making Retirement Savings Last

Finally, consider how you can make your retirement nest egg last throughout your retirement. One way to do this is to downsize to a smaller home or move to a more affordable location. This can help you reduce your monthly expenses and free up some extra cash.

No matter how much money you have saved for retirement, it’s important to make sure that it lasts as long as you need it. By carefully planning for retirement and considering all of your options, you can ensure that you’ll have the comfortable retirement you’ve always dreamed of.