Final answer:
The requirement for Retirement Savings where one spouse must have earned income pertains to contributions to a Spousal IRA, with no contributions allowed after age 70 and a half. Social Security is a primary source of retirement income, replacing approximately 60% of your pre-retirement income.
Step-by-step explanation:
The requirement for Retirement Savings that necessitates one spouse to have earned income is specifically related to contributing to an Individual Retirement Account (IRA). Spousal IRAs allow a working spouse to contribute to an IRA in the name of a non-working spouse, provided there is sufficient earned income to cover the contribution.
Regarding Social Security, it operates as one of the key sources of income for many retirees. The full retirement age for receiving unreduced benefits was originally set at 65, but this has been gradually increasing and will rise to 67 for individuals born after 1959.