The Best Retirement Calculator for Couples: Saving and Income

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Retirement Calculator For Couples Who Want Income

Planning for retirement as a couple requires a comprehensive understanding of your financial situation, future goals, and the lifestyle you wish to maintain. The best retirement calculator for couples considers various factors to provide a realistic estimate of your retirement savings and income needs. This guide will help you understand how to use such a calculator effectively and ensure your retirement plans are on track.

Our retirement income calculator is designed to help couples understand the amount of guaranteed dual income they can receive each month for the rest of their lives so they never run out of money. The calculator is based on a single life (and each gets their own policy), but couples can choose a joint life annuity covering both lifetimes. Our experts can provide a quote tailored to your needs.

Couples Retirement Calculator

Retirement Calculator For Couples Who Are Saving

What’s a Good Monthly Retirement Income For A Couple?

A good monthly retirement income for a couple depends on various factors, including lifestyle expectations, location, healthcare needs, and other personal circumstances. However, a common guideline is to aim for 70-80% of your pre-retirement income to maintain a similar standard of living. Here’s a breakdown of how to determine a good monthly retirement income for a couple:

Basic Calculation

  1. Determine Pre-Retirement Income: Add up your combined annual income before retirement. For example, if you and your spouse earned $60,000 and $40,000 respectively, your total pre-retirement income is $100,000.
  2. Calculate the Target Replacement Rate: Aim for 70-80% of your pre-retirement income. For a 0,000 annual income, this means $70,000 to $80,000 annually or approximately $5,833 to $6,667 per month.

Factors Influencing Retirement Income Needs

  1. Lifestyle and Spending Habits: If you plan to travel extensively or engage in expensive hobbies, you might need a higher income. Conversely, a more modest lifestyle will require less.
  2. Location: The cost of living varies significantly by location. Retiring in an area with a high cost of living will require more income compared to a more affordable region.
  3. Healthcare Costs: Consider potential healthcare expenses, including insurance premiums, out-of-pocket costs, and long-term care. These costs can increase significantly as you age.
  4. Housing: Determine whether your mortgage will be paid off or if you will be renting. Housing costs are a significant part of retirement expenses.
  5. Inflation: Factor in the impact of inflation on your purchasing power over time. A good retirement plan should include adjustments for inflation.
Married Couple Retirement Calculator

How We Can Help

At The Annuity Expert, we understand the stress and uncertainty that comes with planning for retirement. We’ve been an insurance agency, annuity broker, and retirement planner for 15 years, dedicated to finding the best solutions at the lowest costs.

Your Core Problem

The primary challenge couples face in retirement planning is ensuring their savings will support their desired lifestyle without running out. This concern manifests through symptoms like anxiety over future expenses, confusion about investment options, and uncertainty about the adequacy of current savings.

Understanding and Authority

We know what you’re going through. The fear of not having enough, the stress of making the right decisions, and the confusion over complex financial products are real and valid concerns. We are here to guide you through this process with expertise and empathy, ensuring you feel confident and secure about your financial future.

How Much Does A Married Couple Need To Retire At 65

What We Recommend

Step 1: Initial Consultation

  • What Happens: During your initial consultation, we’ll discuss your current financial situation, retirement goals, and any concerns you have.
  • Main Benefit: You’ll gain a clear understanding of where you stand financially and what steps you need to take to reach your retirement goals.

Step 2: Personalized Plan Development

  • What Happens: We’ll create a tailored retirement plan that includes investment strategies, savings goals, and potential income sources.
  • Main Benefit: You’ll receive a comprehensive roadmap that outlines how to achieve your desired retirement lifestyle.

Step 3: Ongoing Support and Adjustment

  • What Happens: We’ll provide continuous support, regularly reviewing and adjusting your plan to ensure it remains aligned with your goals and market conditions.
  • Main Benefit: You’ll enjoy peace of mind knowing your retirement plan is always up-to-date and optimized for your needs.

Features and Benefits

  • Personalized Advice: Tailored recommendations based on your unique financial situation.
    • Benefit: Ensures your plan is relevant and effective.
  • Comprehensive Planning: Covers all aspects of retirement, including savings, investments, and income sources.
    • Benefit: Provides a holistic approach to securing your financial future.
  • Ongoing Support: Regular reviews and adjustments to your plan.
    • Benefit: Keeps your retirement strategy on track despite changing circumstances.

Overcoming Common Objections

  • Objection: “I can do this on my own.”
    Argument: Professional guidance ensures you don’t miss critical factors and helps optimize your plan for the best possible outcomes.
  • Objection: “It’s too expensive.”
    Argument: Our services are designed to save you money in the long run by finding the best solutions at the lowest costs.

Without professional guidance, you risk underestimating your savings needs, missing out on optimal investment opportunities, and potentially facing financial shortfalls in retirement. The positive outcomes of working with us include peace of mind, a clear and actionable plan, and a secure financial future.

You’ll feel confident and secure, knowing you have a comprehensive plan tailored to your needs and a team of experts supporting you every step of the way. Contact us for free advice or a personalized quote and take the first step toward a worry-free retirement.

Don’t Guess At Retirement

Get help from a licensed financial professional today. This service is free of charge.

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Questions From Our Readers

What is the best Social Security strategy for married couples?

It is advised that both spouses delay claiming benefits until they reach the age of 70. By doing this, they can receive the highest Social Security payments possible, up to 132% of their primary insurance amount (PIA) if their full retirement age (FRA) is 66 or 124% of their PIA if their FRA is 67.

How much money does a couple need to retire?

It is recommended that you save 10-12 times your annual income at the age you plan to retire. For instance, if you plan to retire at 67 and your current annual income is $150,000, you should save between $1.5 and $1.8 million for retirement.

My wife and I are 64 and have $100,000, which we would like to use for monthly income when I retire in a year. How much can we get?

If you defer payments for one year until you are set to retire, a lifetime annuity could pay you between $730 and $810 a month for the rest of your life.

Can I collect half of my husband’s social security at 62?

Yes, you can collect spousal benefits from your husband’s Social Security at 62. However, doing so before reaching your full retirement age (which depends on your birth year) will result in permanently reduced benefits. You’ll receive less than the 50% you could get by waiting until your full retirement age.

How long will $2 million dollars last in retirement if my husband and I retire at 63? We are currently 48.

If you fund a guaranteed lifetime annuity now with $2 million and defer the payments for 15 years until you are ready to retire, you would receive about $302,000 a year. This money is guaranteed for the lives of both of you, and there would not be a reduction in income after the first person passes away.

How much does a married couple need to retire at 55?

Retiring at 55 is an ambitious goal that requires significant planning. A married couple aiming for this should plan for at least 30 to 40 years of retirement. Depending on lifestyle, healthcare costs, and inflation, you might need between $2 million and $3 million saved. Early retirement amplifies the need for a larger nest egg due to the longer retirement period and an earlier start to healthcare expenses.

How much money does a married couple need to be saved up to retire at 60?

Deciding to retire at 60 still requires substantial savings, but less so than retiring at 55. With an estimated 25 to 35 years of retirement, a couple might need $1.5 to $2.5 million. This accounts for a moderately comfortable lifestyle, healthcare costs, and leisure activities in retirement. Remember that Medicare does not kick in until 65, so you must also pay for short-term health insurance until then.

If my husband and I wanted to retire at 62, how much money would we need to save up to do so?

62 is a popular retirement age because it is the age at which you can start to collect Social Security benefits. However, it should be mentioned that the benefits at 62 will be less than the full retirement age of 67. Furthermore, Medicare does not start until age 65, so you must plan for healthcare for the gap years. With an estimated 23-33 years of retirement, a couple might need between $1.25 to $2.25 million. This would account for a moderate lifestyle with some leisure and cover any healthcare costs.

How much money does a married couple need to retire at 65?

Retiring at the traditional age of 65 means a shorter retirement period, hence a smaller savings requirement. A couple might need around $1 million to $1.5 million. This estimation considers average life expectancy, healthcare costs, and a comfortable but not extravagant lifestyle.

What is the average monthly income for a retired couple?

On average, a retired couple in the U.S. receives about $48,000 per year. This figure combines sources like Social Security, pensions, and personal savings. It’s a baseline to gauge how your retirement savings stack up.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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