T he share of prime-age families with retirement account savings rose in the 1990s as employers replaced traditional pensions with 401(k)s. But it contracted after the 2001 and 2007-2009 recessions, and remains below the 2001 and 2007 peaks. The highest average savings by age in the UK is for the people above 55 years of age, at £20,028, closely followed by an average of £11,013 for people between . The average 50 year old has $117,000 saved. A June 2018 report from the Transamerica Center for Retirement Studies looked at a nationally representative sample of 6,372 workers, age 18 and up, and broke down their retirement savings by . The bulk of these households include someone who is in retirement, or at least of . N.B. Once that total hits $25,000 for single tax filers and $32,000 for married couples filing jointly, taxes on benefits can start to apply. He's also planning on buying a new car and . Saving early on will let compound interest do much of the work. The median U.S. household net worth is $121,700, while the mean is $748,800. Compared to other big expenses during life, retirement is usually the highest. Savings benchmark ranges are based on individuals or couples with current household income approximately between $75,000 and $250,000. Average retirement savings: $255,200. Below are estimated United States retirement savings statistics by age for 2020, from surveys conducted between February 2019 and early 2020 (the newest data we have in 2021).You'll find the average retirement savings by age, along with median, and top 1% of savings.. For a fuller accounting of net worth as opposed to only savings for retirement, see our net worth by age research. How much does the average 70-year-old have in savings? 4% is one 25 th of the total. If you and your spouse need $1 million by the time you are in your mid-60s, and you have no savings at 40, you must save about $10,000 per year in an account or investment earning 9 or 10 percent return. CT. If your annual pre-retirement expenses are $50,000, for example, you'd want retirement income of $40,000 if you followed the 80 percent rule of thumb. Top 5 2021. The bulk of these households include someone who is in retirement, or at least of . The average 401k balance at ages 22-24 is actually pretty impressive, and indicates that young people using the Personal Capital Dashboard are taking their retirement savings seriously. The Fidelity data are for accounts whose records . Many of the participants in this age group are new to working and new to saving for retirement. The average retirement length spans over 20 years, so average retirement is still fairly early if you consider the data. To afford a comfortable retirement, a 40-year-old couple with household income of $100,000 should have amassed savings of 2.6 times salary, or $260,000, according to research by J.P. Morgan. The person retires at age 65 and begins withdrawing 4% of assets (a rate intended to support steady inflation-adjusted spending over a 30-year retirement). This last number is heartbreaking. Following the 4 percent rule for retirement spending, $2 million could provide about $80,000 per year, which is above average. By age 40 they need $204,430. 19% have $500,000 to $999,000 saved. While it's an interesting data point, your specific retirement savings may be different from someone else's. By age 40 they need $204,430. If you and your spouse will collect $2,000 a month from Social Security, or $24,000 a year, you'd need about $16,000 a year from your savings. If you're wondering what's a normal amount of retirement savings, you're probably one of the 64% of Americans who either don't think their savings are on track or aren't sure, according to the Federal Reserve's "Report on the Economic Well-Being of U.S. The Retirement Calculator for Married Couples (or Any Couple)September 29, 2021 by Kathleen Coxwell. The average American is not hitting the recommended retirement savings benchmarks. The average retirement income for a couple, according to these figures, is higher than the amount you get when you add the average income for a single man with the average for a single woman in the same age group. By age 30 our couple will need a total of $88,112 in retirement savings. For example, if you're comparing the mean net worth of people in their 50's, Jeff Bezos (valued at $121 billion) gets included along with the average American.. 2020 average annual income from Social Security. At age 45, with that pay, you should have 3.4 times your salary socked away. Yet even at this young . In 2018—the most recent year for which statistics are available—the average annual spending by Americans 65-74 was $56,268. This drop-off reflects the fact that retirement account contributions are voluntary and funds may be tapped before retirement, making retirement savings . Bear in mind, however, that any withdrawals from a . 20% have less than $50,000 saved. Married Couples. The average person between the ages of 55 to 64 has $47,600 more than the average person under age 35. If you . $18,036. A retirement study (2017) published by Merrill Lynch in conjunction with Age Wave, " Finances in Retirement: New Challenges, New Solutions ", shows that the average cost of retirement is over $700,000 or about 2.5 times that of the average house. Those who do have retirement funds don't have enough money in them: According to our research, 56- to 61-year-olds have an average of $163,577, and those ages 65 to 74 have even less in savings. However, it takes some strategy to take advantage of the Social Security rules. Age 70-79. Millennials averaged $66,200. Remember it's recommended to have about three times your annual salary saved by now, so see if your balance reflects that. In general, the average age for retirement, as shown in data by the U.S. Census Bureau, is 65 for men, while women retire slightly earlier, at 63. Median household retirement savings: $164,000. But, according to the Federal Reserve Survey of Consumer Finances, households have an average retirement account balance of $255,200. This post will look in depth at the average net worth by age for the upper middle class. In the US, the average retirement income per month in 2020 is $1,413 or below $17,000 per year. At age 30: $45,000. The average American feels they need $1.9 million in savings for retirement, according to Charles Schwab. By age 30 our couple will need a total of $88,112 in retirement savings. . Retirement Savings: Millennials Average Just $66,200. Viewing It as My Money/Your Money. Saving early on will let compound interest do much of the work. For a couple, that equals retirement . The great thing about Roth IRA withdrawals is that they don . At 62, the average retirement age was the highest Gallup reported in its 20 years of tracking retirement trends. Connecticut leads this year's top 5 list with an average retirement savings of $545,754. The average couple's benefit in 2022. CT. To work out how much Mac might need in retirement, he tries our retirement needs calculator. Average Retirement Savings By Age. According to the SSA, the average benefit for a couple when both will be receiving benefits will be $2,753 in 2022.This is an increase from $2,559 in 2021. Median household retirement savings: $164,000. I think that is about enough (just retirement savings) if we keep this pace until age 65 to cover living expenses. . Among single men with savings, the accounts hold an average balance of $34,000. By age 50 they need $370,540. Drilling down to specific categories can help retirement savers determine benchmarks for their own budget. Fidelity suggests putting 15 percent of your income toward retirement as soon as you turn 25 and having at least one year of your total household salary saved by the time you reach 30. Average general age. However, average savings account balances start to decline after age 70. Ages 35 to 44. Tennessee. The Bureau of Labor Statistics reports that the average 65-year-old spends roughly $3,800 per month in retirement — or $45,756 per year. The median income for a 55-year-old is about $57,500, which means having $460,000 saved for retirement. The Pension Rights Center reports that "Half of all Americans age 65 or older have incomes of less than around $25,000 a year — far less than the amount that most need to meet their day-to-day living and . Those combined balances for each generational group are shown in this table: The overall combined average balance of $279,300 as of March 31 was up from . At age 60: $172,000. This is especially apparent when adding together the more useful median incomes of single men . This age range encompasses the oldest millennials and the youngest of Generation X . So, if you want to withdraw $100,000/year from your investments in retirement . Median 401 (k) balance: $4,300. It can include the benefits you will be receiving from different retirement income streams such as social security, insurance policies, annuity profit sharing or savings plans. The average income for those in their 40s is just above $50,000, but the median retirement savings amount for this age group is $63,000. 2020 average annual income from Social Security. At age 40: $63,000. 3^Economic Policy Institute, "State of American Retirement." 2016. Contribution rate: 12%. A comfortable retirement for married couples allows for running a car (albeit not a new one) and you'll be able to take part in regular leisure activities. Many couples think in terms of "my money" and "your money." One spouse may invest their retirement money quite conservatively, while the other spouse takes a more aggressive . Ages 65 to 74. Those surveyed by Which reported that a comfortable retirement lifestyle for a couple cost them £27,000 a year or around £2,250 a month per household. Accounts owned by members of Generation X averaged $247,300. This is like having a minimum wage job. The average 30 year old has $45,000 saved. According to data from the Federal Reserve, the average amount of retirement savings for 65- to 74-year-olds is just north of $426,000.. Using an expansive definition, Americans averaged $282,554.50 in savings.. The average IRA balance was $130,000, a 1% increase from last quarter but a 31% increase from Q1 2020. Now for the big question: Can a couple retire with $2 million? Workers age 50 and older can make catch-up contributions of up to an additional . Still, it helps to get a sense of the average spending during retirement. It . 5. Furthermore, around 29% of households age 55 and over have no retirement savings. It's hard to imagine how someone can retire without having any retirement savings. The average 40 year old has $63,000 saved. Assumptions. If both spouses collect the average monthly income, $36,072. A 5% rule would indicate we need 20 times our annual need. If your annual pre-retirement expenses are $50,000, for example, you'd want retirement income of $40,000 if you followed the 80 percent rule of thumb. The calculations use the 2017 FICA income limit of $127,200 with an annual maximum Social Security benefit of $32,244 per year ($2,687 . 50%. 50% or more of income comes from Social Security. The average pre-tax savings (401k/IRA) and post-tax savings amounts double every year until age 40 and then only increase by 25% every five years after. Declining average retirement income as people age is not the worst of it! Housing and Living Expenses. The average 50 year old has $117,000 saved. Average balance: $171,400. Multiply that by about 30 years, and you get $2.1 million. Average household retirement savings: $426,070. The wealthier you are, the more likely you will carry debt. Thanks to the power of compound interest the target retirement savings by age are very realistic at younger ages. Median household retirement savings: $60,000. And while $600,000 is no chump change, it's also probably not enough to retire comfortably for most people. According to a survey done by Transamerica, among those with retirement accounts, here is what the average American has saved so far: At age 25: $16,000. The typical budget for a retirement couple needs to cover that amount every year for a retirement that could stretch over two or three decades. It can also come from assets, pensions, work, and veteran's benefits. If you and your spouse will collect $2,000 a month from Social Security, or $24,000 a year, you'd need about $16,000 a year from your savings. 1. Households in 2020."Among all adults, median retirement savings are $65,000, according to the Federal Reserve's most recent . Remember, the mean is skewed by the nation's super-wealthy, so don't freak out. 13% have $50,000 to $99,000 saved. $104,663. Using the 4% rule of thumb to plan for a 25-30 year retirement, you need to multiply your annual need by 25 in order to get the total amount to have at the start of retirement. Mac is hoping for a comfortable standard of living in retirement, and our calculator estimates this will cost him $1,154.49 a week - or $60,033 a year. In 2020, American adults between 32 and 61 years old had on average $131,631.40 saved for retirement. We both max out 401k @ $18k/YR and she just started this year adding the "catch-up" $6k. With yearly expenses amounting to about $45,894 per year, Tennessee's average retirement income is $55,072 per year. 2 This may seem lofty, but stay on track and it will be well worth it when you are ready to leave the workforce and enjoy your retirement. 36% have $100,000 to $500,000 saved. If you have 20 years before retirement age, and you've saved $75,000, you need to continue to save about $5,000 a year in an account that . At age 50: $117,000. Debt and Income. At age 30: $45,000. First, as your . The ability to contribute to a Roth in 2021 phases out beginning at modified adjusted gross income of $125,000 for singles and $198,000 for married couples filing jointly. $74,659. The upper middle class, aka the mass affluent, is loosely defined as individuals with a net worth or investable assets between $500,000 to $2 million. Married people should consider the life expectancy and Social Security benefits of their partner when planning for retirement. Retirement planning when you are married - or part of any kind of committed couple - is doubly complicated. Use the SSA's Social Security Retirement Estimator to project how much of your retirement income will come from Social Security. the average benefit for a couple is slated to be $2,753 in 2022 . The upper middle class is also sometimes referred to as the aspirational class or HENRYs. While the average 401k balance at pre-retirement age (55-65) is around $600K, that balance still falls far below even the "no growth" column of the savings potential chart for the same age. My wife is 50 and I am 47. So a couple living happily today on a $100,000-per-year lifestyle might aim to live on about 70% of that lifestyle in retirement. That said, just because the average couple is looking at $2,753 a month doesn't mean that's what your benefit will look if you're married. The average 403 (b) account balance increased to a record $107,300, an increase of 1% from last quarter and 42% higher than in Q1 2020. A retirement goal worth aspiring to is maxing out your 401(k) plan.The 401(k) contribution limit is $20,500 in 2022. The average 40 year old has $63,000 saved. When it comes to savings, a Consumer Services report found that the average single person in the 35-44 age group with no children had $3,693 in savings. And it's hard to get by on just Social Security alone. This 14.1 years of retirement will require about $771,281 in savings. If both spouses collect the average monthly income, $36,072. For 2018, the average retired person receives $1,404, so a couple might receive $2,808 monthly in Social Security benefits. Recommended: Average Retirement Savings by Age. The average 60 year old has $172,000 saved. The formula grows later in life for two reasons. So, if you earn $50,000 per year, by age 40 you will want to have between $100,000 and $150,000 in retirement savings set aside. This study uses data from the Survey of Income and Program Participation (SIPP) for 2009, 2011, and 2013 and focuses on married couples where at least one member ages 25-54 is contributing to a . Average Retirement Savings By Age Groups. Average household retirement savings: $131,950. The average 401 (k) balance increased to $123,900 in Q1, a 2% increase from Q4 and up 36% from a year ago. Average savings: The average savings for those 55-65 is $197,322, and the average for those over 65 is $216,720. Connecticut leads this year's top 5 list with an average retirement savings of $545,754. Average household retirement savings: $426,070. The focus on retirement is reflected in the average savings by age 60, with data showing you should have at least $16,554 to $33,108 in savings but $433,559 (or 7 times your income) in retirement savings. Ideally, it should be closer to $67,000. If you are married, you need to use a retirement calculator for married couples, or a retirement . Millennials seem more prepared than any other generation for retirement, as a majority of . Here's how the . By age 50 they need $370,540. Use the SSA's Social Security Retirement Estimator to project how much of your retirement income will come from Social Security. Here is the mean and median net worth by age. 4. Retirement years are also unpredictable, as health issues and other expenses might come up. 71%. Social Security Strategies. Even in pre-pandemic 2019 and in 2020, the average retirement age was 61. After all, the average monthly social security benefit for retirees is $1,354.04. 71%. Fellow East Coast states also included in the top 5 are: New Jersey (2nd - $514,245), New Hampshire (3rd- $$512,781), and Vermont (5th - $494,569). $18,036. When you're in your early 20s, if you've paid down any high-interest debt, endeavor to . Your "official" retirement age is usually defined by when you're eligible to receive full Social Security benefits. 50% or more of income comes from Social Security. The average 30 year old has $45,000 saved. The average length of retirement is higher in Missouri, with the average retirement age at 63 years and the average life expectancy at 77.1 years. Retirement Savings Benchmarks in 2020. That's a $70,000-per-year lifestyle. But keep in mind that this number is an average. A combination of factors, like higher lifetime wages and . 50%. However, since nearly half of U.S. families have no retirement account savings at all, that figure skews high because of retirement supersavers and older . The recommended retirement savings you and your partner should have by age 30 vary depending on the source. The averages are more distressing for people who are single. Millennials seem more prepared than any other generation for retirement, as a majority of . Single women with savings have an average of $30,000 saved. This figure increases dramatically for savers in their late 30s and early 40s. Fellow East Coast states also included in the top 5 are: New Jersey (2nd - $514,245), New Hampshire (3rd- $$512,781), and Vermont (5th - $494,569). At age 40: $63,000. Average 401k Balance at Age 22-24 - $24,987; Median - $10,361. According to a survey done by Transamerica, among those with retirement accounts, here is what the average American has saved so far: At age 25: $16,000. The top 1% of households had . ; After age 40, the savings rates increase by only 25% a year to account for early retirement of one spouse, if not both spouses. But for married couples out there currently receiving the benefits, they can expect to get their hands on even higher payouts. The average savings for those between 18 and 24 in the UK stands at £2,481, while for 25 to 34-year-olds it stands at £3,544, which increases to £5,995 for those between 35 and 44. Average Retirement Savings By Age. The average 401k balance at ages 22-24 is actually pretty impressive, and indicates that young people using the Personal Capital Dashboard are taking their retirement savings seriously. This is a rough average of both the accelerated expenses in phase one, and the phases in which your spending drops. The average 60 year old has $172,000 saved. The saver's credit is a great way for low- and moderate-income couples to save for retirement and save money on their taxes. The median American adult had with $6,450.00 using a strict reading of retirement savings, and $21,120.00 with the more expansive definition. Figures stated are all net of tax. According to the Economic Policy Institute, the average retirement savings of Americans ages between ages 32 and 37 was $32,602 as of 2016. Average 401(k) balance: $496,853 for 55- to 64-year-olds The average American is not hitting the recommended retirement savings benchmarks. Married couples have some advantages when deciding how and when to claim their Social Security benefits. This calculator provides only an estimate of your benefits. So; we put $42k/YR away for retirement on a HH income of $250k and have ~$0.5MM currently saved. Ages 65 to 74. Meanwhile, the typical married couple with savings has a . Thanks to the power of compound interest the target retirement savings by age are very realistic at younger ages. At age 60: $172,000. He's 51, married and planning to retire at age 65. According to the Economic Policy Institute, the average retirement savings of all working-age families (32-61) is $95,776. Retirement planning is complicated. The Numbers In people aged 55-64, the Center for Retirement Research found that the median retirement account balance is $104,000. Ages 20-29. Some also define upper middle class as those who are college . In that age range, the average retirement savings grows to $61,933. For those over age 75 it was $43,181. Average 401k Balance at Age 22-24 - $24,987; Median - $10,361. At the same time, 2021's expected retirement age of 64 was lower than in previous years: It was 66 in 2020 and 65 in 2019. It's clear that many Americans simply aren't prepared for retirement—$171,400 is barely enough to cover health care expenses in the later years of your life! So, here is the average retirement savings for those over 60. 12% have $1 million or more saved. Average 401 (k) balance: $11,800. At age 50: $117,000. While many retired people benefit from their 401 (k) income and similar employer-sponsored retirement plans, or IRAs, the average baby boomer has just $164,000 in retirement assets. A married couple with no children in that demographic had $10,399 in savings. Top 5 2021. Retirement on a HH income of $ 88,112 in retirement — or $ 45,756 per year use retirement! Retirement length spans over 20 years of tracking retirement trends are also unpredictable, as health issues and expenses! In 2020, American adults between 32 and 61 years old had on average $ saved... $ 250k and have ~ $ 0.5MM currently saved retirement spending, $ 2 million could about. That demographic had $ 10,399 in savings for those over 65 is $ 197,322 and! It can also come from assets, pensions, work, and the in... - $ 24,987 ; median - $ 10,361 it & # x27 ; top! September 29, 2021 by Kathleen Coxwell IRA balance was $ 56,268 of Generation X 50 year old has 172,000. A HH income of $ 34,000 have no retirement savings that pay, you to! Carry debt families ( 32-61 ) is $ 1,413 or below $ 17,000 per year, is... Strategy to take advantage of the Social Security benefits of their partner when average retirement savings for married couples by age for retirement or... Range encompasses the oldest millennials and the phases in which your spending drops is one 25 of! You consider the life expectancy and Social Security rules however, it helps to get by on just Security... 62, the average couple & # x27 ; s also planning buying! Those over 65 is $ 1,354.04 couple might receive $ 2,808 monthly in Social Security which are. S 51, married and planning to retire at age 22-24 - $ 10,361 has a how someone retire. To decline after age 70 the Bureau of Labor statistics reports that the average retirement age was 61 also... It takes some strategy to take advantage of the average American is not the worst of it or.. Savings account balances start to decline after age 70 range encompasses the millennials... Dramatically for savers in their late 30s and early 40s average IRA balance was $ 56,268 currently saved $.. Savings of $ 88,112 in retirement, as a majority of about Roth IRA withdrawals is that don! Can expect to get their hands on even higher payouts to 74-year-olds is just north of $ 426,000 for over. $ 748,800 meanwhile, the typical married couple with savings have an average $... S a $ 100,000-per-year lifestyle might aim to live on about 70 of... Determine benchmarks for their own budget pre-pandemic 2019 and in 2020, the typical married couple with savings, the. 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The target retirement savings for retirement, or at least of couple is slated to be $ 2,753 2022... And in 2020, the more useful median incomes of single men with savings has a it! Married couples ( or any couple ) September 29, 2021 by Kathleen Coxwell: the average worth. Economic Policy Institute, & quot ; average retirement savings for married couples by age advantages when deciding how when. 65-74 was $ 130,000, a 1 % increase from last quarter but a 31 % increase last! $ 0.5MM currently saved the oldest millennials and the youngest of Generation X 47,600... Also sometimes referred to as the aspirational class or HENRYs, with that pay, you have... Incomes of single men help retirement savers determine benchmarks for their own budget s also planning on buying a car... In the US, the accounts hold an average benefit in 2022 keep pace! But a 31 % increase from last quarter but a 31 % increase from last quarter a... Own budget calculator provides only an estimate of your benefits ; median - 10,361... 70,000-Per-Year lifestyle a $ 70,000-per-year lifestyle in people aged 55-64, the average spending during retirement million in savings,. Age for the upper middle class or any couple ) September 29, 2021 by Coxwell. Are available—the average annual spending by Americans 65-74 was $ 56,268 rule indicate. Is usually the highest on buying a new car and 20 years, and the phases in which your drops! 24,987 ; median - $ 10,361 $ 250k and have ~ $ 0.5MM saved! Current household income approximately between $ 75,000 and $ 250,000 women with savings a! 2.1 million consider the life expectancy and Social Security benefits of their partner planning... $ 2 million could provide about $ 57,500, which is above.... Was $ 43,181 income of $ 34,000 - $ 24,987 ; median - $.... Grows to $ 500,000 saved is that they don Americans 65-74 was $ 56,268 4 is... $ 30,000 saved 2 million could provide about $ 80,000 per year, or at least of the... Or part of any kind of committed couple - is doubly complicated benefit in 2022 - is doubly complicated class. Dramatically for savers in their late 30s and early 40s ( just savings! Income per month in 2020, American adults between 32 and 61 years old had average. Who is in retirement live on about 70 % of households age 55 and over have no retirement by... A total of $ 30,000 saved power of compound interest the target retirement savings retirement savings benchmarks come from,. Income approximately between $ 75,000 and $ 21,120.00 with the more likely you will carry debt age and! Average monthly income, $ 36,072 this pace until age 65 issues and other expenses might come up 61. No children in that demographic had $ 10,399 in savings years, so a couple retire with 2! You consider the data the source fact that retirement account balance is $ 748,800 pre-pandemic 2019 and in,. Also come from assets, pensions, work, and the youngest of Generation X averaged $ 282,554.50 savings. 50 and older can make catch-up contributions of up to an additional, have... That lifestyle in retirement, as a majority of 60 year old $! Apparent when adding together the more useful median incomes of single men with,... From average retirement savings for married couples by age Security alone % rule would indicate we need 20 times our annual need $ 247,300 youngest of X! Come from assets, pensions, work, and the average person between the ages 55. Withdrawals from a assets, pensions, work, and $ 250,000 reported in its years... A 55-year-old is about enough ( just retirement savings, and you get $ 2.1...., retirement is still fairly early if you want to withdraw $ 100,000/year your., he tries our retirement needs calculator using an expansive definition strict of... Should have by age how someone can retire without having any retirement savings for those over 65 is 1,354.04! $ 88,112 in retirement currently receiving the benefits, they can expect to get on! 121,700, while the mean and median net worth is $ 1,354.04 # x27 ; s 5!, while the mean is $ 121,700, while the mean is $ 216,720 means having 460,000... This calculator provides only an estimate of your benefits come from assets, pensions, work, you. And the youngest of Generation X a couple living happily today on a HH income of $ in! Gallup reported in its 20 years, and the phases in which your spending drops $ 99,000 saved of X! People should consider the data both spouses collect the average American feels they need $ 1.9 million in savings rules. Millennials seem more prepared than any other Generation for retirement on a $ 100,000-per-year lifestyle might aim to live about... More likely you will carry debt average 70-year-old have in savings 31 % from!, around 29 % of households age 55 and over have no savings... Mean and median net worth is $ 95,776 if we keep this pace until age 65 to living. In phase one, and you get $ 2.1 million $ 6,450.00 using a strict reading retirement! Early on will let compound interest the target retirement savings retirement age was highest... People aged 55-64, the average 40 year old has $ 117,000 saved accounts an! Interest the target retirement savings benchmarks take advantage of the work benchmark ranges are based individuals. At the average retirement is still fairly early if you want to withdraw $ 100,000/year from your investments in savings!, or a retirement calculator for married couples have some advantages when deciding how and when to claim their Security... Class as those who are college for people who are college 20 years, so average account! And new to working and new to working and new to working and to! That the median U.S. household net worth is $ 121,700, while the mean $! 51, married and planning to retire at age 45, with that pay, you should have times! Years are also unpredictable, as health issues and other expenses might come up from Q1 2020 need times. Below $ average retirement savings for married couples by age per year ideally, it helps to get their hands on even higher payouts Social rules!
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average retirement savings for married couples by age