How Much Should a 60-Year-Old Couple Have in Savings: 15 Helpful Ideas

Planning for retirement can feel overwhelming, especially when you’re thinking about how much money you should have saved by the time you turn 60.

Knowing the right amount to aim for can help you feel more confident about your financial future and make better decisions as retirement approaches.

For most couples around 60, having saved about seven times their annual household income is a common benchmark to be on track for retirement. Understanding this goal can help you see where you stand and what steps you might need to take next.

1) Aim to save at least 7 times your annual household income by age 60

By age 60, you should have saved about seven times your household income.

For example, if you earn $75,000 a year, aim for around $525,000 in savings. This amount helps cover living costs and emergencies as you plan for retirement.

It’s a good target to keep your finances steady.

2) For a $75,000 income couple, target around $525,000 in savings

If you and your partner make $75,000 a year together, aiming for about $525,000 in savings is a good starting point.

Financial experts suggest having seven times your yearly income saved by age 60.

This amount can help cover your expenses when you retire.

Saving this much gives you a better chance to maintain your lifestyle without worry.

You can learn more about these guidelines at SmartAsset.

3) Consider having between 6 to 11 times your salary saved as a comfortable range

By age 60, it’s a good idea to aim for savings equal to 6 to 11 times your yearly income.

This range helps cover your living costs in retirement without worry.

The exact amount depends on your lifestyle and expenses.

Having this level of savings puts you on track to retire comfortably and handle unexpected costs.

Learn more about saving targets for your age in this detailed guide.

4) $540,000 is a commonly suggested goal for retirement savings at 60

By age 60, many experts suggest aiming to have around $540,000 saved for retirement.

This amount can help cover living expenses once you stop working.

Your exact needs may change based on your lifestyle and other income, like Social Security.

Having this savings goal gives you a clear target to work towards as you plan for your future.

You can learn more about this savings guideline at how much to have saved by age 60.

5) Aim for 7.5 to 13.5 times your yearly income in net assets for extra comfort

By age 60, having between 7.5 and 13.5 times your annual income saved gives you a better cushion.

This range helps cover healthcare, emergencies, and lifestyle needs.

Your exact goal depends on your spending habits and plans.

But saving more can ease stress and give you freedom in retirement.

6) Include all assets like 401(k), IRAs, brokerage accounts, and savings in your total

When you add up your savings, include all your accounts.

This means counting your 401(k), IRAs, brokerage accounts, and any cash savings you have.

Each type of account serves a different purpose.

Together, they give a full picture of your financial health at 60.

Make sure you don’t overlook brokerage accounts, as they’re part of your total assets for retirement planning.

7) Don’t forget to factor in Social Security benefits when calculating your needs

Your Social Security benefits can be an important part of your retirement income.

When figuring out how much you need to save, include the amount you expect to receive from Social Security.

This can lower the total savings required.

The benefit depends on your lifetime earnings and when you start claiming.

Starting early can reduce the monthly payment.

Learn more about how benefits affect your planning at Social Security planning tips.

8) Avoid relying solely on retirement accounts; diversify your savings sources

You shouldn’t depend only on retirement accounts like 401(k)s or IRAs for your income.

It’s smart to have money saved in several places.

Adding savings, investments, or even pensions can help you feel more secure.

This mix lowers the risk if one source doesn’t do well.

Diversifying your savings makes it easier to handle unexpected costs or changes in the market.

For more on this, see tips on diversifying your retirement income sources.

9) Keep in mind that nearly half of 60-year-olds feel behind on their retirement savings

You’re not alone if you feel behind on savings at 60.

Many people share this worry because retirement costs can be higher than expected.

It’s important to focus on what you can still do now.

Small steps can help improve your savings and your confidence about the future.

Understanding how much you need for health care and daily expenses can guide your next moves.

Here’s how much money most people have saved by age 60.

10) Estimate your monthly spending in retirement to better set your savings goal

You should start by listing your expected monthly costs like housing, food, and health care.

Knowing what you’ll spend helps you figure out how much money to save.

Remember to include some extra for fun or unexpected expenses.

This makes your savings plan more realistic and easier to follow.

For help, try using a retirement budget calculator.

11) Start boosting your contributions if you’re below the target multiples of income

If your savings are less than one to one-and-a-half times your income by age 60, it’s a good idea to increase how much you save.

Even small increases can make a big difference over time.

Try to raise your 401(k) or IRA contributions each year.

If you qualify, use catch-up contributions to save more.

This can help you reach your retirement goals faster.

12) Invest wisely to grow your nest egg before officially retiring

You can keep growing your savings by investing carefully even as you approach retirement.

Choosing a mix of safe and growth-focused investments helps protect your money while still earning returns.

Keep contributing to your savings whenever possible.

Small, steady investments added over time can make your nest egg last longer.

13) Consider consulting a financial advisor to tailor your savings plan

You might find it helpful to talk with a financial advisor.

They can look at your unique situation and help create a savings plan that fits your goals.

An advisor can guide you on how much to keep in savings versus investments.

This can make your finances clearer and less stressful.

14) Use retirement calculators to periodically assess if you’re on track

You should check your progress regularly with a retirement calculator.

It helps you see if your savings and contributions match your retirement goals.

By updating your information, you can adjust your plan as needed.

This way, you won’t be surprised later.

Use online tools to help you stay focused on your target.

Reviewing your numbers can show you if you need to save more or if you’re on the right path.

Try a retirement calculator to get started.

15) Delay retirement if your savings fall short by age 60 to build more funds

If you hit 60 and your savings aren’t quite where you want them, working a few more years can really help.

Delaying retirement means you can stash away more cash.

You might also nudge your Social Security benefits a bit higher.

But hey, think about your health and what work options you actually want before you decide to stick around longer.