Saving for retirement is an important financial goal ​​— but as millions of Americans hustle to set aside enough money, you may wonder how you’re doing compared to everyone else.

According to a 2024 Northwestern Mutual survey, many Americans consider $1.46 million as the “magic number” for a comfortable retirement — however, that’s a far cry from reality for the average household.

If you’re married and looking to sail into your golden years hand-in-hand, the big questions on your mind are probably: are we saving enough for retirement — and how does it compare to others?

Here’s how much the average American couple actually has saved up for retirement — and how to catch up if you’re worried you’ve fallen behind.

How much does the average couple have saved for retirement?

According to the latest numbers via the Federal Reserve’s 2022 Survey of Consumer Finances, the mean retirement savings balance was $333,940. In the same year, however, the median retirement balance among households was actually only $87,000.

This tells us that the national average of $333,940 is likely skewed higher by a small percentage of wealthy people.

The median is the mid-point, or the middle of a group of numbers, while the average is the sum of all the numbers divided by the number of people in the group. The average is more likely to be skewed higher if there’s a small percentage of people earning much larger salaries.

There are actually significant discrepancies among households, though, with both income and age impacting how much couples typically have saved for retirement.

For example, the Fed data shows that median retirement account balances of those earning in the lowest 20% totals $17,500, while the median value of retirement plans for those earning in the 90th to 100th percentile comes in at $558,600.

Median retirement account balances of those under the age of 35 totals roughly $18,880, while the median balances of those between the ages 65 to 75 is closer to $200,000.

Of course, this variation can be explained by the fact that older and richer people are more likely to have bigger retirement accounts.

Unfortunately, it’s also worth noting that the median balances are still substantially lower than they should be — even for older Americans and higher-earners. Most households, in other words, are simply falling short of what they need in savings.

Here’s what couples need to have saved for retirement

So, how do you know if you’re hitting the right retirement target as a couple?

According to a guideline from T. Rowe Price, couples should aim to meet these savings benchmarks:

• One year of household income by age 35
• Two years of household income by 40
• Three times household income by 45
• Five times household income by 50
• Seven times household income by 55
• Nine times household income by 60
• 11+ times household income by 65

Couples should base their calculations on the older spouse. If you are 40, but your spouse is 45, your household should aim to have three times your income saved, as per the above breakdown.

This is based on the assumption that you’ll get some retirement funds from Social Security benefits and additional personal savings.

If you have a pension, you don’t have to be quite so aggressive with your savings targets as that will provide another stable income source.

How to catch up on your retirement savings

According to a 2023 survey from NerdWallet, 60% of Americans weren’t putting their retirement money into a specific retirement account. As a result, they’re missing out on tax advantages and high interest rates.

If you don’t have retirement-specific accounts, a 401(k) or an individual retirement account (IRA) are both great options for investing your savings.

If you’re already well on your way with savings, but feel you’re falling short as a couple, there are a few key steps you can take to get back on track.

Set a clear savings goal. Use online calculators, such as Investor.gov, to see how much you should be saving monthly, based on your income, in order to hit your milestones.

Create a budget focused on saving. Make whatever changes you need to your spending habits, such as dining out less or driving a cheaper car, in order to achieve your monthly savings targets. There are plenty of budgeting strategies that can be customized to suit your lifestyle and help you meet your specific financial goals.

Automate your investing. Arrange to have the necessary funds automatically transferred to your tax-advantaged retirement plan to stay on target. Out of sight, out of mind, right? You’ll be able to rest easy at night knowing your money is being funneled to your accounts.

If you’re feeling overwhelmed by the process, consider bringing in a trusted financial adviser to help you sort out your situation and assist in setting and managing goals.